When reviewing my Federal return, an error came up that says: "Home Mortgage Interest Worksheet (name of financial institution here): Cashout must be entered." "No entry" button is selected, and I have to choose "Cash out Yes" or "Cash out No". This cashout information is NOT requested in any of the mortgage Deductions & Credits sections. Where do I enter it? I cannot finish my taxes without entering this information somewhere.
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Go back to Deductions and Credits, and complete the Mortgage Interest interview again. There are questions about how you used the funds, particularly if you reported that it was an equity line or HELOC. The question may be worded differently, and the answer used in a worksheet that uses the term "cash out". Once you've answered the questions, run the review again. If that doesn't clear the error, try deleting the interest worksheet forms and then completing the interview again.
To delete an unneeded form or worksheet in TurboTax Online:
Please see this article and this one for more information on home mortgages from TurboTax.
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