Under the Deductions & Credits tab, when I click the Add/Edit button on first row listed, "Mortgage Interest and Refinancing (Form 1098)", it shows info from the one mortgage lender I entered previously.
Interest: $9,730.96
Points: $4,776.60
Property tax: $0
Clicking the Continue button in the bottom right brings me back to "Your Tax Breaks" section with the $33,971.00 amount listed for that "Mortgage Interest and Refinancing (Form 1098)" row. How is that ~$34k amount calculated? It seems like something messed up but I have no clue what. Some other pages or sections display useful links/tooltips with the anchor text saying "How did we come up with $X?" and it explains how the number was calculated. But here there was no such link or explanation.
For some background context, I purchased my first home last year. It's a 2-family home and an existing rent-paying tenant was already in one unit when I moved into the other. Under my "Wages & Income" section -> "Rental Properties and Royalties (Sch E)" row shows as -$9,499.00 because at some point when filling out that section it asked if I want to deduct or depreciate (since improvements/repairs/maintenance done totaled less than a certain amount) and I chose deduct. So I'm wondering, did that choice somehow effect this suspiciously large Mortgage Interest / Refinancing section?
Some TurboTax customers are experiencing the following error message when running the Federal Error Check "Check This Entry: Tax and Interest Deduction Worksheet: Limited Interest and Points must be entered".
We are aware of this experience. If you're experiencing the issue above, please go here to receive email notifications when any updates related to this issue become available.
Check This Entry: Tax and Interest Deduction Worksheet - Limited Interest and Points must be entered
Please note that the IRS is not beginning to accept and process returns until February 12th.