Did refinance in 2016

Forum|Forum|7 years ago
June 3, 2019
1 reply
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I did a refinance in 2016 and paid to get a lower rate, need to add % of loan amount somewhere?

TurboTax Premier Online

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Since you paid points to refinance your mortgage, you generally have to take a deduction for the points over the life of the loan, unless you meet specific requirements to deduct them in the year paid.

Please refer to page 7 of pub 936 under the headings, "deduction allowed ratably", "deduction allowed in year paid" "second home", and "refinancing" to review the requirements. https://www.irs.gov/pub/irs-pdf/p936.pdf

To enter the points you paid for refinancing:

log in to your Turbo Tax account
click on "take me to my return"
click on the "federal taxes" tab
click on "deductions and credits"
scroll down to "mortgage interest, refinancing, and insurance" and click "start" or "edit"
When you get to the screen that says, "did you take out this loan in 2016" answer "yes"
The next screen says,"did you pay points in 2016 when you took out the loan?" Choose the option that fits your situation.
The next screen says, "tell us about the points you paid". You will be able to enter the amount you paid for points.

Anonymous

Answer

To enter the points you paid for refinancing:

log in to your Turbo Tax account
click on "take me to my return"
click on the "federal taxes" tab
click on "deductions and credits"
scroll down to "mortgage interest, refinancing, and insurance" and click "start" or "edit"
When you get to the screen that says, "did you take out this loan in 2016" answer "yes"
The next screen says,"did you pay points in 2016 when you took out the loan?" Choose the option that fits your situation.
The next screen says, "tell us about the points you paid". You will be able to enter the amount you paid for points.