enter mortgage interest without Form1098

[allen1111]

I have a mortgage from CIBC Canada for my second home. CBC Canada provides mortgage statement only instead of form1098. where should I enter the mortgage interest in my Tax return in TurboTax?

Thanks,

[rjs]

Mortgage interest that was not reported on Form 1098 has to be entered on Schedule A line 8b. If it's not a seller-financed loan, there is no way to make the entry in TurboTax Online. The entry can only be made in forms mode. Forms mode is only available in the CD/Download Desktop TurboTax software, not in TurboTax Online.

In forms mode you have to enter the interest directly on Schedule A line 8b. Do not use the Home Mortgage Interest Worksheet. But when you enter it this way, TurboTax will not calculate any limits that might apply to the deduction. See "Part II. Limits on Home Mortgage Interest Deduction" beginning on page 9 of IRS Publication 936 to see if any limits apply to your deduction.

[allen1111]

Thank you so much for your professional reply.

I bought TurboTax from Costco. I did not use the CD because there is no CD drive in my laptop. I downloaded TurboTax and installed in my laptop with license code. Is this installation TurboTax online? If yes, I can use CD and install it on my desktop computer.  But can this desktop version software open my TuoboTax file created on my laptop? 

Thank you for your help,

Allen

[rjs]

I think the terminology has gotten a little confusing. TurboTax Online is the web site that you sign into from a web browser. That's not what you have. The software that you downloaded on your laptop is not TurboTax Online. It's the CD/Download software, which is often called the Desktop software. Desktop doesn't mean you have to run it on a desktop computer. It just means it's not TurboTax Online. The downloaded software that you have is the same as whet's on the CD.

So you don't have to install TurboTax on your desktop computer. You already have the "Desktop" software on your laptop. You can follow the forms-mode instructions that I gave you in the TurboTax that you already have on your laptop. If it's a Windows laptop, click the Forms icon at the top right. If it's a Mac, I think the Forms icon might be at the top left. In forms mode, click Open Form and open Schedule A.

[onlyvamsi]

If we go with forms mode and update 8.b directly, Do we need to mail return or can do e-file?

[onlyvamsi]

This article says we can use the regular 1098 form and enter information just like how we use regular 1098. Can we proceed this way ONLINE or need to use the Desktop option as per this article?

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/i-have-mortgage-interest-on-a-fo...

[allen1111]

Thank you and have a great weekend!