Schedule A is showing a difference of $1,594 less than what is on my 1098. I noticed this as I reviewed before completing filing.
Your mortgage interest deduction is reduced if your home acquisition debt is greater than $750,000 for homes purchased after December 15, 2017 or $1 million for homes before that. Your interest is also not fully deductible if it is a refinance or home equity line of credit and you used some of the money for reasons other than to acquire or improve the home.
Furthermore, points reported on Form 1098 may not be fully deductible in the first year and have to be amortized over the life of the loan. Mortgage insurance premiums may not be deductible depending on your household income.
If none of these are the reason your interest is being reduced, please report back here with more information about your 1098s to see if we can figure out what is going on.
My mortgage interest is not showing up on my schedule a either and I know that it is suppose to be there!
You might try going back to the Deductions section and reviewing your answers to the questions for mortgage interest as well as the dollar amounts entered. Not all mortgage interest is deductible, and you might not have had enough deductible interest to exceed your standard deduction when added to other itemizable deductions. TurboTax will automatically use the standard deduction if it is larger unless the user directs otherwise.
Deductible mortgage interest is interest you pay on a loan, secured by a main home or second home, that was used to buy, build, or substantially improve the home. For tax years prior to 2018, the maximum amount of debt eligible for the deduction was $1 million. Beginning in 2018, the maximum amount of debt is limited to $750,000. Mortgages that existed as of December 15, 2017, will continue to receive the same tax treatment as under the old rules. Additionally, for tax years prior to 2018, the interest paid on up to $100,000 of home equity debt was also deductible raising the previous total to $1,100,000. Loans with deductible interest typically include:
If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn't deductible. Your home mortgage must be secured by your main home or a second home. You can't deduct interest on a mortgage for a third home, a fourth home, etc.
See this TurboTax tips article and this help article for more information.