Home Mortgage Interest deduction

[wadeellery]

I completed the Home Mortgage Interest Worksheet in 2023 exactly as I did in 2022, including "Is loan secured by a residence of yours?" YES and I tried with both c. Box 7 checked and unchecked.  I am above the maximum for State and Real Estate tax deductions of $10,000 but my deductions summary should reflect the $11,000+ in interest paid, but it is zero.  The side by side column comparison with last year includes the interest paid, but this year remains a "0" no matter what I input.  Is this a bug?

[zomboo]

I don't think your description of the problem is enough to provide an accurate response. If your mortgage is secured by your main or second home, the interest deduction may be limited but not 0. I don't know you feel the Box 7 selection on your 1098 or your SALT status has to do with the mortgage interest deduction. And what do you mean by filling out the Mortgage Interest Worksheet? Are you entering data directly into the Turbo Tax workheets and forms?

[Vanessa A]

Look at your schedule A to see what your actual numbers are.  The summary screen can sometimes be a little off for some reason, but it does not affect your actual return.

To see your Schedule A if you are using the online version, you will need to go to the print center.  Tax Tools>>Print Center

If you are using the desktop version, you can simply switch to forms mode. 

@wadeellery

[wadeellery]

Hi Zomboo,

I apologize if my original description as incomplete.  I entered everything through the TurboTax interactive step by step process.  I am entitled to a deduction of approximately $11,000 in interest paid in 2023 on my primary residence and reflected in the 1098 from my lender.  But TurboTax was showing zero for the allowed interest deduction in the summary page and recommending I take the Standard Deduction as I did not have enough itemized deductions.  I open tne "Forms" section to look at the exact entries in the form compared to last year when TurboTax gave me the deduction.  Everything matched.  I could not find another place in TurboTax or the actual forms submitted to the IRS that may be causing this issue.  I opened a completely blank new return and hand entered all my information and TurboTax now gives me the deduction for my home loan interest.  Somewhere in TurboTax something was set and it zeroed my interest deduction in the first version of the return.  I have the second return working now and will delete the first and chalk it up to a ghost in the machine.

[wadeellery]

Hi Vanessa,

Thank you for the feedback, I checked Schedule A and found zero in the interest deduction line.  Going to the associated 1098 worksheet I recheck every box and found one unchecked that asked if "all" the proceeds of the loan were used to refinance the previous loan.  It should have been Yes based on the input in the step by step process but it was unanswered.  When I added the check in Yes box, the return properly adjusted.