Entering multiple 1098 for same loan

Forum|Forum|5 years ago
February 7, 2021
1 reply
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Hello, I sold my previous home this year and bought a new home. I have a 1098 for the original house which was financed before Dec 2017. I also have two 1098s for the new house because the lender changed immediately (not refinanced). When I enter in all three 1098s, Turbotax takes away my deduction (I believe because the loan principal goes over the limit). Am I entering these wrong?

Thanks.

Mortgage Interest

DMarkM1

Level 15

Maybe not. You should start by deleting all the Forms 1098 entered; start form scratch.

Enter the oldest mortgage first and be sure to indicate it was paid off. Then enter the next loan and enter that it was paid off. Finally enter the third 1098 and indicate that it was purchased (acquired) in box 11.

Having said that, there has been a known issue when entering multiple Forms 1098. If the issue persists, use this link for further help on the topic.

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4Blakes

Level 2

@DMarkM1 I signed up a while ago fro the updates on this issue and I haven't heard anything from turbotax. I read that they would fix it on the 2/12 software update. Is their any way to confirm that?

ReneeM7122

Level 9

If you have multiple 1098 mortgage forms, you’ll enter them one at a time. After going through the steps with the first one, you can add a lender when you get to the Mortgage deduction summary screen. (In the case of a refinance, it's best to enter the 1098 from your original loan before the 1098 from your refinance.)

But, if they're both from the same lender, and one of them has the “Corrected” checkbox marked at the top, enter the corrected 1098 and discard or shred the other one.

https://ttlc.intuit.com/community/entering-importing/help/how-do-i-handle-multiple-1098-mortgage-forms/01/26922

@4Blakes