I have 2 1098 forms for mortgage, both are from the same lender, but one doesn't look complete. How do I enter the info for the remaining balance if it's not on the form?

[bef489]

Both 1098 forms are from the same lender, but after a couple of months of paying my mortgage, they just changed WHERE I was paying them, from a place in New Jersey, to Texas. But, it is still the same lender. They both are complete in the 1-10 numbered boxes, but only on one of them is there a bottom half to the paper that shows the beginning balance, payments applied, remaining balance, etc. So, for the one that does not have that info on there, what do I enter for my taxes?? Because the system is asking me for that information.

[KrisD]

Is the mortgage interest paid split between the two 1098's or are they identical?

[bef489]

they are different amounts

[KrisD · Accepted solution]

Yes, if both 1098 are from the same lender, the easiest thing to do, in your situation (nothing changed with the loan except the mailing address) is to enter it as one single 1098. 

However, you could enter these two 1098 forms separately as if the loan was bought or transferred to one lender from the other. 

It the forms have different EIN or Lender ID numbers on them, this may be advisable, although it will require a little  more work. 

Enter the older (earlier in year) first and answer the interview question as if the loan was transferred, with the 01/01/2018 beginning loan balance and leaving a zero ending balance. 

Next enter the most recent 1098, again as if the loan was transferred, with the transferred amount as the beginning balance and the Dec. 31 ending balance. 

The process is more complicated this year because of the changes in debt limit and Home Equity Line Of Credits. Since this was not a refinance, the limits on HELOC is not applicable in your situation just because the interest was reported on two 1098. 

The program will still ask if you EVER refinanced, as this could cause an unrelated issue. 

https://www.irs.gov/publications/p936

[bef489]

Now that I have entered all of the information, correctly I believe, it tells me that the law that would allow a deduction for mortgage insurance premiums is still under review. How does that work if it gets approved? If I file now and it's approved later, what do I need to do to get that deduction, even though I will have already filed?

[KrisD]

It is. It is highly doubtful that it will be allowed, however last year they made changes AFTER accepting returns. If it does change, and the deduction is allowed, you would need to file an amended return if the change resulted in a larger refund (or less tax due) and you wanted to take advantage of that.
If you end up taking the Standard Deduction and the addition amount of the mortgage insurance premiums would not change that, it would not make a difference.

[bef489]

Ok. Thank you very much.

[KrisD]

Thank you for using TurboTax.