Hello, Thank you for your prompt reply. I am doing standard deductions, I saw on the web you don't have to enter the HELOC of interest if you are doing standard deductions. I received a 1098 from my bank for it. But the turbotax person told me today that regardless of the dollar amount i still had to enter it? She told me if the IRS find out you got the 1098 for the $1.88 interest and didn't report it then the IRS may contact you. Very frustrating...
There is a basic for the confusion. In some cases you can receive interest on you mortgage, then it is being reported on Form 1099-INT and it must be reported on your tax return. If you paid the interest and received Form 1098 form your lender, it is entirely your decision if you want to deduct it, there is no reporting requirements.
thank you for your prompt reply. I enter the interest and it keeps coming back to "let review the info" i will try another day, a $1.88 interest shouldnt cause this much frustration. I am new to this communication. So thank you for your help. Do I get charged for asking questions? 🙂
You won't be charged for asking the questions. You're actually helping other users because they can have the same questions, and now they don't have to do hard work typing:)
As for the repeating issues, sometimes cleaning cash and cookies or rebooting your computer can solve them.
If you take the standard deduction then it would not be necessary to inter this information.
However, for TurboTax to determine if the standard deduction is the best option for filing it would be to your benefit to enter all items on Schedule A.
The federal Standard Deduction is a fixed dollar amount, based on your filing status and age, that the IRS lets you take off (deduct) from your taxable income.
On the other hand, itemizing deductions allows you to list (itemize) your deductions on Schedule A.
The IRS lets you either choose the "bundled" Standard Deduction or go "a la carte" and itemize your deductions. Naturally, most taxpayers want the one that gives them the most money back. After you've completed the Deductions & Credits section of TurboTax, we'll let you know which deduction gives you the biggest tax break.