Is mortgate interest still deductible in 2024?

[jiansheng]

I refinanced my mortgage in 2021.  It has about $625k outstanding.  The mortgage interest was fully deductible in 2023.  However, in 2024 TurboTax, it shows $0 deductible mortgage interest.  Why?

[LindaS5247]

The mortgage interest deduction has not been eliminated for 2024. However, if you are not itemizing your deductions in 2024, and you are taking the Standard Deduction because it was higher you will not get a deduction for your mortgage interest. 

To make sure your mortgage interest has been entered properly, you can go back to that section of TurboTax to check your entries 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

If you refinanced this year, you may have answered one of the follow-up questions incorrectly. Such as on the screen "Let's Get Some Details About This Loan" if you selected that it was a refinance of a previous loan and the pop-up question asks "Did you use your loan for anything besides paying off the existing loan?" This will affect your mortgage interest deduction. On the screen that says, "Have You Used the Money Form This Loan Exclusively on This Home?" if you answered "No" that will affect your mortgage interest deduction. So recheck your answers on these screens to make sure they are correct.

If you are itemizing your deductions, you can look at your Schedule A to make sure you are getting credit for the mortgage interest you entered.

To do this, you can do the following if you are using TurboTax Desktop:

1. Click on "Forms" at the top right of your TurboTax screen to switch to "Forms Mode"
2. In your left panel search for "Schedule A"
3. Click on "Schedule A" and it will appear in your right panel
4. Your Mortgage Interest will be reflected on line 8.

If you used TurboTax Online you can preview your Tax Return as follows to check you deduction: 

1. Go to "Tax Tools" in your left panel,
2. Select "Tools" and then 
3. Select "View Tax Summary" and 
4. Select "Preview Form 1040"

You can also try deleting your Form 1098 and reentering it as follows:

To delete Form 1098, you can do the following if you are using TurboTax Desktop:

1. Click on "Forms" at the top right of your TurboTax screen to switch to "Forms Mode"
2. In your left panel search for "Form 1098"
3. Click on "Form 1098" and it will appear in your right panel
4. At the bottom left of your "Form 1098" click on Delete Form
5. A box will appear to confirm the deletion, Select "Yes"

If you are using TurboTax Online you can:

1. Continue your return
2. Choose "Tax Tools" option on the left menu bar in the federal section of TurboTax
3. Choose "Tools"
4. Under "Other Helpful Links" choose "Delete a form"
5. Find the Form 1098 and click on the option to delete it

Click here for additional information on entering your form 1098.

Click here for additional information on Form 1098.