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davjohns
Level 1

I made a mistake entering the federal mortgage interest limits. How can I fix this?

When I went through the review process, I took the $750,000 limit when I should have taken the $1,000,000 limit.  I can't find an obvious way to change it.  How can I change it?  It made a $3000 difference in my taxes.

1 Best answer

Accepted Solutions
VictoriaD75
Expert Alumni

I made a mistake entering the federal mortgage interest limits. How can I fix this?

You may be best deleting the entry for your mortgage interest and re-entering:

  1. Under Tax Tools, choose Tools
  2. Choose Delete a Form
  3. Scroll through your return until you find Form 1098 and Home Mortgage Interest Worksheet, click Delete to the right of the form
  4. Confirm that you wish to delete the form

The limit on the amount of interest has changed under the Tax Cuts & Jobs Act. The interest deduction pre-TCJA has been available to qualified mortgage debt up to $1 million ($500,000 married filing separately).

 

Through 2025, the TCJA has lowered the amount of qualified mortgage debt to $750,000. For qualified mortgage debt incurred on or before December 15, 2017, the $1 million limit remains in place, thus "grandfathering" existing mortgage debt.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
VictoriaD75
Expert Alumni

I made a mistake entering the federal mortgage interest limits. How can I fix this?

You may be best deleting the entry for your mortgage interest and re-entering:

  1. Under Tax Tools, choose Tools
  2. Choose Delete a Form
  3. Scroll through your return until you find Form 1098 and Home Mortgage Interest Worksheet, click Delete to the right of the form
  4. Confirm that you wish to delete the form

The limit on the amount of interest has changed under the Tax Cuts & Jobs Act. The interest deduction pre-TCJA has been available to qualified mortgage debt up to $1 million ($500,000 married filing separately).

 

Through 2025, the TCJA has lowered the amount of qualified mortgage debt to $750,000. For qualified mortgage debt incurred on or before December 15, 2017, the $1 million limit remains in place, thus "grandfathering" existing mortgage debt.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

View solution in original post

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