How do I enter the information for interest on my home equity line if I didn't receive a 1098?

[jasonmoilanen]

I paid less than $600 in interest, so the lender isn't obligated to provide a 1098.

[Bsch4477]

What did you use the loan to pay for?

[ErnieS0 · Accepted solution]

You can enter mortgage interest from a home equity lender in the mortgage interest section even if you did not receive a Form 1098. If your mortgage is from a financial institution, enter it as if you received a Form 1098.

1. Type 1098 in Search in the upper right
2. Select Jump to 1098
3. Say Yes to Did you pay any home loans in 2022?
4. Continue past Get ready to be impressed
5. On Let’s import your tax info, select Change how I enter my form at the bottom
6. On How do you want to enter your 1098, select Type it in myself
7. Enter the name of your lender, then Continue
8. On Do any uncommon situations apply? select Continue
9. On Let’s get the details from your 1098 fill in your info. Since you did not receive a Form 1098, you may have to refer to your mortgage interest statement.

For more info see: What if I don't have a 1098 mortgage interest statement?

[jasonmoilanen]

The money was used to pay for solar panels and associated equipment for my primary residence in 2021.

[JohnB5677]

The $600 interest for Solar panels is deductible, but that alone will not be enough to be greater than the standard deduction.  You must choose between the $600 Itemized deduction and the $12,900 standard deduction.  If you post all of your itemized deductions, TurboTax will determine which will work best for you.

However, you may be entitled to a tax credit for the solar panels installed. Current federal tax credits for certain energy-efficient improvements to existing homes have been extended through December 31, 2022.

To take advantage of the Energy Credit, go to:

1. Deductions & Credits
2. Scroll to Your Home
3. Select Home Energy Credits
4. Follow the interview.

[ee-ea]

1098 forms are mailed no later than January 31 and should arrive by mid-February.  Calll the lender for the numbers you need.

[jasonmoilanen]

I get that the numbers will be correct, but what about question 2a on the Home Mortgage Interest Worksheet (at least it was question 2a for 2021 taxes)?  Question 2a asks "Was the mortgage interest reported to you on Form 1098?"  If I plug in the information as though I have a 1098, how will TurboTax know to check the "no" box on that worksheet?  Or, does it even matter?  Do those worksheets get submitted to the IRS or are they just for my records?

[PattiF]

No, it does not matter if you do not have the form, you can still enter the information in TurboTax.

The worksheets are not submitted to the IRS. The worksheets are part of the calculations used for the tax return and for your records. Keep the records that show the mortgage interest that you paid to have if the IRS were ever to question the amount.

@jasonmoilanen