I have a Home Mortage Interest from India and Indian Bank dont provide Form 1098.

[prajaktasangore]

Hello,

I have a home loan from Indian Bank. Indian Banks dont provide Form 1098, How do I enter the values so it shows up on Schedule A line 8b. I worked with a Turbo tax person and went through the options and questions asked, entered all the data. She confirmed that the data is seen on Schedule A lina 8a. 

Line 8a is used when we get Form 1098.

My data should technically be seen on line 8b. 

Further more, there is no way to enter a foreign address for the bank .

Can someone help me understand how does it work with Turbo Tax?

[rjs · Accepted solution]

Is the loan secured by your home? If not, you cannot deduct the interest. See the definition of Secured Debt in IRS Publication 936.

You are correct that mortgage interest that was not reported on Form 1098 has to be entered on Schedule A line 8b. The entry can only be made in forms mode. That means there is no way to make the entry in TurboTax Online. Forms mode is only available in the TurboTax Desktop software, not in TurboTax Online.

In forms mode, enter the interest directly on Schedule A line 8b. Do not use the Home Mortgage Interest Worksheet. But when you enter it this way, TurboTax will not calculate any limits that might apply to the deduction. See "Part II. Limits on Home Mortgage Interest Deduction" in IRS Publication 936 to see if any limits apply to your deduction.

Whatever the situation is, keep in mind that you cannot deduct your entire mortgage payment. You can deduct only the portion of the payment that is interest.

Note that mortgage interest is an itemized deduction. It will not make any difference in your tax or your refund unless your total itemized deductions are more than your standard deduction.