Error Message: Deductible Home Mortgage Interest Wks: This form has not been finalized for returns with two or more mortgages and limited mortgage interest. We expect this form to be available after February 17th.
For anyone having issues with that error message, and have been part of the previous thread, I'm opening this thread here. Since on that one the original poster accepted a wrong Solution.
The problem is that if you have more than two mortgages, the worksheet that is currently loaded by TurboTax in their software cannot handle it. In the other thread linked HERE, the "expert" stated that you should combine the two 1098s into one.
The accepted solution is NOT AN ALLOWED method. DO NOT DO THIS
Scenario: You get two 1098s for Two Mortgages that you picked up in 2021.
Mortgage 1 - Primary Home
- Acquisition Date: April 1, 2021
- Loan Amount: 600K
- Interest Paid: 9500
Mortgage 2 - Second Home (Still deductible)
- Acquisition Date: August 1, 2021
- Loan Amount: 500K
- Interest Paid: 5500
You cannot combine those two 1098s into one.
You need Mortgage Acquisition Dates, for the worksheet to calculate properly, and since total Loan is over 750K, the worksheet will need to do the correct calculation.
On Feb 18th - I spent two hours today on the phone with an agent / escalated to another supervisor.
The agent I spoke to confirmed that she escalated with "TIER 2 SUPPORT" and confirmed that there is an investigation in place to fix this issue, and that I will receive an email when they fix it.
PLEASE DON'T FILE TAXES BY COMBINING YOUR 1098s as your Mortgage Acquisition Dates will not be the same !!!!!! Especially if they were both acquired last year.
Hey TURBO TAX software or process engineers. Calling you out, that you need to at the very least provide a clear ETA, and be communicative.
