incorrect calculation of refinanced mortgage interest

[MBSC]

Hello.  I refinanced a home mortgage in 2021 after my original purchase with a home mortgage in 2015.  In prior years, TT applied the appropriate limits on refinanced mortgage deductions ($1M mortgage limit grandfathered).  I'm answering the questions the same but TT seems to be disallowing 100% of mortgage interest in 2024 for some reason.  I'm filing a joint return for 2024 using Home and Business as I have in prior years.  As a result of not counting mortgage interest, TT says the standard deduction of $32,300 is best (includes both of us over age 65) even though I have over $43,000 in allowable interest, state property and sales tax up to the $10k limit, and charitable contributions.  Can you please assist?  Thank you.

[LindaS5247]

You could try manually changing to Itemizing Deductions from the Standard Deduction in TurboTax.

If you are using TurboTax Online to switch to Itemized Deductions from the Standard Deduction you will do the following:

1. In your left panel scroll down to "Tax Tools"
2. Click on "Tools"
3. Click on the box "Topic Search"
4. In the Box "I'm looking for:" type in "standard deduction"
5. This will take you to the page "Based on what you told us..."
6. Here you can change your deduction by clicking the box "Change my Deduction"

If you are using TurboTax Desktop to switch to the Standard Deduction you will do the following:

1. Go to "Federal Taxes" tab in the gray bar at the top of your screen
2. Select the "Deductions & Credits" tab (under Federal Taxes in the gray bar at top of your screen
3. Click on "I'll Choose What to Work On"
4. Select "Continue" at the bottom of page
5. Select "Continue" on the next page that says "Let's Check Your Deductions and Credits"
6. Select "Continue"  on the next page that says "Here Are Your 2024 Deductions & Credits"
7. The following page will give you the opportunity to change your deduction by clicking on the box "Change my deduction"

You could also try deleting your Form 1098's and re-entering them. Sometimes this works. Also, you must answer the question, "Is this loan secured by a property of yours?" as "Yes" in order for your mortgage interest to be included.

You can get back to your entry screens in TurboTax for Mortgage Interest to check that your entries are correct as follows:

1.  Click on "Search" (magnifying glass) at the top right of your screen and 
2. Type "1098" in the search bar. ‌
3. Click on "Jump to 1098."  This will allow you to review your entries for your mortgage interest from Form 1098 and delete your Forms 1098.

Click here for "Where do I enter my 1098 mortgage interest statement?"

Click here for additional information on the Mortgage Interest Deduction

Click here for additional information on mortgage interest.