How do I tell TurboTax that I have a reverse mortgage so there is no 1098? It keeps asking to give my 1098 info and I can't get around it.

[DawnC]

You can click on Delete or the trash can icon to remove the lender.    Search for 1098 and use the Go to link to be taken to your lender summary screen, then you can delete the lender.   

[jv38]

Thank you, Dawn, but my screen looks very different from this. I don't get a jump to link when I search for 1098. I tried going back and deleting the 1098 in mortgage deductions (even though I had to override the standard deduction to do that) but it still comes up as a "check this" in the final review and asks for the 1098 info. any other suggestions?

[jv38]

And now it's taken me into a place where I have to manually enter deductions which I don't want to do. How do I go back to Standard deduction? This is a terrible program this year! I have never had so much trouble with it!

[JamesG1]

Some customers may experience a new way to navigate TurboTax this tax season.

You will use Tax home as your single location to find the next step in filling out your tax return and view items you have completed.

In TurboTax Online, follow these steps:

• Down the left side of the screen, select Federal.
• Down the left side of the screen, select Deductions & Credits.
• Continue through the screen until you arrive at the screen The Standard Deduction is right for you or Itemizing Deductions is right for you.
• If the screen arrives at the wrong answer, select Change my deduction at the bottom of the screen.

See also this TurboTax Help.

[user17627607881]

This is quite typical when it comes to reverse mortgages. TurboTax thinks it will see a Form 1098 because most traditional mortgages generate deductible interest. However, the reverse mortgage does not have interest to pay until the end of the loan, so normally there would be no 1098 issued.

If you do not have a Form 1098 to report mortgage interest, you can skip this section or enter "0" on the mortgage interest field so TurboTax can continue. It is not advisable to add false material so it would have acceptable information to work with, because you will create more errors later.

If you feel that you should still check into how reverse mortgage interest works, the reverse mortgage calculator explains how your balance increases each month instead of you paying it off over time, so there is no Form 1098.

[user17627607881]

This is quite typical when it comes to reverse mortgages. TurboTax thinks it will see a Form 1098 because most traditional mortgages generate deductible interest. However, the reverse mortgage does not have interest to pay until the end of the loan, so normally there would be no 1098 issued.

If you do not have a Form 1098 to report mortgage interest, you can skip this section or enter "0" on the mortgage interest field so TurboTax can continue. It is not advisable to add false material so it would have acceptable information to work with, because you will create more errors later.

If you feel that you should still check into how reverse mortgage interest works, the reverse mortgage calculator - reverse.mortgage/calculator explains how your balance increases each month instead of you paying it off over time, so there is no Form 1098.

[NCperson]

for a reverse mortgage, there is no interest to be deducted annually as in most every case, the interest is not paid with cash money; it is just accrued as part of the loan balance. 

when the home sells and the reverse mortgage is paid off is when the interest can be deducted.