No, you will need to report the mortgage interest paid on both of your 1098s. If your total Outstanding Mortgage Principal exceeds $750,000 the amount of mortgage interest you can deduct may be limited. If the amounts on Box 2 are larger than $750,000, TurboTax will calculate the average loan balance once the worksheet to do so is finalized on February 17, 2022.
I see that the worksheet for 2022 is due today. Can you confirm that it will be available today Feb 17? I have been waiting 3 weeks to file for just this worksheet.
Please clarify what worksheet you're referring to. You can check on the status of tax forms. It may take longer for one form or another to show up in TurboTax for multiple reasons. Our goal is to provide you with the most accurate information possible.
For up-to-date status, refer your customer to the federal and state forms-availability articles.
The worksheet is called "Deductible Home Mortgage Interest worksheet". I sold a home and bought another during 2021, and had mortgage interest on both. The total loan amount was over the $750,000 (by 30K) threshold and the worksheet gives the calculation. I have no problem with the calculation, but I cannot eFile because TT says the worksheet is not finalized. I want to know when it will be finalized so it won't stop me when I try to eFile. The IRS is not the hold up. I am using TT 2021 Home and Business (local install), not the online version.
@itpfo8 - No date available. This process is very cumbersome especially with so many state and federal forms still being worked on. Even if the form says finalized, TurboTax still has to program it into the system. When the IRS has finalized the form is when TurboTax can now program it for e-file. TurboTax does not create tax forms. It should only be a few more days after the IRS has finalized the form.
Keep in mind:
It takes some time to incorporate forms into TurboTax. While they may be available from your on a given date, we need a few days to make the forms available for use in TurboTax.
When you locate your form or schedule, there will be dates for both Print and (depending on the state and the form) E-file availability. If the E-file form is listed as unsupported, the form must be printed and you'll need to mail your return.
Forms and schedules missing from the table aren't supported in TurboTax.