Does turbo tax automatically calculate the allowable home mortgage interest deduction if you list a qualifying home loan valued over $1,000,000?

[greg-mathers]

IRS Pub 936 says tax law changes now cap mortgage interest deduction amounts for loans over $1M (for loans prior to 2018) vs. actual mortgage if it is higher.  Will TT automatically limit my deduction if my Form 1098 just tells me how much mortgage interest I paid?

[ThomasM125]

TurboTax will determine the correct deduction for mortgage interest based on your form 1098 information entered into the program. You will be asked to enter the outstanding mortgage principal, origination date, mortgage acquisition date and the interest expense.