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bimitup
New Member

I have two 1098 forms. My lender switched servicing companies mid-year so the federal ID numbers are different. Do I enter the two 1098s as one entry or separate?

My thought was, if I enter separately into TT, it will appear as if I have 2 separate mortgages; this is not the case.  On the other hand, if I combine and enter as 1 entry, it will not be using the interest shown in Box 1 of form 1098 and this will conflict when the IRS goes to check these valves against the reported 1098 forms. 

To make matters more complicated,  I also refinanced during the year after the new servicing company took over.  So essentially I have 3 1098 forms: 1 from the first servicing company A, 2 from the second servicing company B, and 3 from the refinance with company B.  I know I will treat the refinance as if it is from a new lender even though it is the same.  However, the first 2 1098s I am still confused as to how to enter into TT. 

Thank you for the advice.

1 Best answer

Accepted Solutions
ToddL
New Member

I have two 1098 forms. My lender switched servicing companies mid-year so the federal ID numbers are different. Do I enter the two 1098s as one entry or separate?

Enter each of the Form 1098s separately. The IRS is not "counting mortgages", just confirming the total interest you paid to mortgage lenders. Entering each one separately will ensure that your return matches what the lenders reported to the IRS.

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2 Replies
ToddL
New Member

I have two 1098 forms. My lender switched servicing companies mid-year so the federal ID numbers are different. Do I enter the two 1098s as one entry or separate?

Enter each of the Form 1098s separately. The IRS is not "counting mortgages", just confirming the total interest you paid to mortgage lenders. Entering each one separately will ensure that your return matches what the lenders reported to the IRS.

View solution in original post

PJB3
Level 1

I have two 1098 forms. My lender switched servicing companies mid-year so the federal ID numbers are different. Do I enter the two 1098s as one entry or separate?

Ok I entered the information as described.  In looking at the Interest worksheets it's adding the two mortgages together and then limiting the amount of interest I can take (because the combined mortgages are over 750K). Do I need to treat the first mortgage as being paid off?  If so what happens to my points that are being spread over the life of the mortgage?  

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