Home Mortgage Interest Limited Smart Worksheet why can't I enter Beginning Balance, it's highlighted but won't allow me to enter the dollar amount

[sg2727]

Home Mortgage Interest Limited Smart Worksheet why can't I enter Beginning Balance, it's highlighted but won't allow me to enter the dollar amount, why?

[Cynthiad66]

There is a known problem with Home Mortgage Deduction.  TurboTax is working to fix the problem and the many other issues. There are many changes due to the CARES Act that require software upgrades.  We have not been given an  expected date for the fix yet.  Please check back often to see if you can file your return.

The beginning balance is not a part of the calculation unless your loan balance exceeds $750,000.00  That is a tracking amount for future refinances.  If the amount of your deduction is the correct amount you might be able to proceed without error.   If it generates an error you will need to wait for the fix to be completed.

Use the link below for additional information:

Deducting Home Mortgage Interest

[nejixx0613]

I have the same problem!

It just won't let me enter the "Beginning Balance"...

I can't transmit my tax return unless they let me enter the numbers.

HELP!

[silentknight13]

is there a fix yet?  I am getting the same issue and can't file

[Silentknight_13]

When is the fix going to be updated?

[mhirabayashi]

Same error: when I get to Smart Check of TurboTax Premier (Mac - 2020.r25.051), it indicates the missing beginning balance on the Home Interest Worksheet -- but although field appears to be highlighted on the Home Int Wksht, Turbotax does not allow me to enter anything...

[invisivin]

I am having the same issue, I cannot enter an amount and it wont let me bypass the error and transmit my efiles. Last day to submit taxes is tomorrow for a business... any work arounds or fix? Seems like this should have been corrected already.

[nejixx0613]

I couldn't wait.... so I went back to the step by step and find the place to enter the loan amount.

[mhirabayashi]

Where in step-by-step do you enter mortgage beginning balance?

[JohnB5677]

This may be a work around if you have multiple 1098s.  I suggest you enter each one separately.

If a Mortgage is paid off, or re-financed you should:

• Enter $1 in Box 2 Outstanding Mortgage principal for the Refinanced / Paid off mortgage
• Every 1098 should be posted.
• The final 1098 for that property will have the full loan amount as reflected in Box 2.
• If you have multiple properties, you should follow this procedure for each property.

This will properly record every 1098, and avoid any issue with mortgage limitations.

When you have more than one Form 1098 with the refinance info and both show the same balance of the mortgage, TurboTax adds the amounts together. And that may lead to a limitation of the deduction, because the balance is then overstated. To avoid this, make sure that you're not reporting the same mortgage balance twice.

If your combined home debt is under $750,000 ($750,000 for married filing jointly and $375,000 for married filing separately), there's nothing new for you to do in 2020. Enter each 1098 as you normally would.

[burque505]

Well, it's May 16, 2021, deadline is May 17, 2021 and the problem is apparently NOT FIXED!

Can I file without this???

[Silentknight_13]

It was a simple fix but I can’t recall what it was.  I am not at my computer and won’t be for next couple days so apologize I can’t answer better.  Call them if you can.  I want to say there was another button I had to click that then allowed me to actually enter the amounts.  

[mhirabayashi]

Although I have only one property, the workaround posted earlier by JohnB5677 (Employee Tax Expert) on April 15, 2021 5:07 AM (this same thread) worked for me. Although I paid off my mortgage in 2020, I followed his workaround and entered a outstanding principal balance of $1 (instead of the true balance of $0).

Once I did that, TurboTax allowed me to e-file both my Federal and state (CA). (And I got my refunds within about 3 weeks!)

[conradb12]

When will this be fixed????

[Cynthiad66]

This issue should be resolved already.  However, please provide details on what your particular error is so that we may assist your issue.  Since you added to this forum with no additional details, you may want to try the workaround posted by @ohnB5677 earlier in the thread.

If that does not solve your issue, please come back to the forum with details of what is your mortgage interest situation.

#conradb12