1899483
I refinanced home in December 2020 and paid pro-rated interest and points. The bank did not issue a Form 1098 because interest amount was less than $600. I am using TurboTax Premier (Online). I don't see a way how I can enter this mortgage interest correctly to itemize it on Schedule A Line 8b (Home mortgage interest not reported to you on Form 1098).
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Here are the steps in TurboTax online:
If the uncommon situation does not apply to you and you did not receive a Form 1098, you can still possibly take the deduction by entering the information as if you have received the form. Get your mortgage info by going to your lender’s website or review other documents, like your monthly mortgage bills and your Closing Disclosure (or HUD-1). As long as the information you enter on the 1098 replica screen matches the actual amount of mortgage interest you paid, you will be fine.
Thank you for your answer. However, there are two issues here:
1. You mentioned Form 1098T but I am talking about Form 1098. I think you simply mistyped.
2. When I follow your guide and enter information about my new mortgage lender and the interest I paid (about $400), the TurboTax incorrectly calculates itemized deduction. Before entering this info itemized deduction was showing around $28,900, and after adding this paid interest of $400, it drops to $24,900. And my tax due raises significantly. There is clearly an error in TurboTax software. I think I should better fill out tax forms myself without tax software this year.
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