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Level 2

Solved

Home mortgage interest - Two 1098s forms from same lender

Forum|Forum|5 years ago
February 22, 2021
1 reply
0 views

Hello,

I have two 1098 forms from Quicken loans after refinancing my mortgage in 2020. I entered both in chronological order (Box 1, $19,545 and $3,870 respectively).

In my 2020 Deductions and Credits summary page, the total Mortgage Interest shows up correctly as $23,415.

However, on Schedule A, Line 8a the Home Mortgage Interest reported to you on Form 1098 shows as $12,078 ????
Where did this number come out of the blue?
I deleted and reentered the 1098 forms but this does not seem to change.

Best answer by DMarkM1

If the both the loans are secured by the same home (it appears so), try combining the forms into one loan entry. Using the instructions in this link. Combine the boxes 1 and boxes 5 amounts and the property taxes paid and then use the original loan form to enter the other box information.

Level 12

If the loan was refinanced or moved to a different lender in 2020 and you have two 1098's to enter:

First, delete both 1098's if you started to enter them. Do NOT try to edit them.

Enter the older loan first, enter box 2 as it is reported,

THERE WILL BE A SCREEN ASKING "WAS THIS LOAN PAID OFF OR SOLD IN 2019?" CLICK "YES"

(this screen will not appear if you go back and edit)

Continue through the interview

Next, enter the second 1098

If box 2 is blank, enter zero, otherwise enter what is in box 2. DO NOT LEAVE IT BLANK

Continue through the interview questions. Do not select that it is a HELC.

Since you clicked that the first 1098 was paid off or refinanced with a different lender, the mortgage balances (box 2) will not be added together.

PathyAuthor

Level 2

I deleted both 1098s. I re-entered them using the Forms mode (not Easy Step).

I will redo it the way you suggest and report back.

Thanks!