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smathia
Level 2
Jul 12, 2020 7:34 PM UTC
Question

loan deduction is not working correctly

I took a loan for 450k in 2018. This was transferred by the original lender in 2019 to another company (company 1 for which I have 1098). Then I refinanced with company 2 who held my loan for 3 months and then transferred it to a 3rd company who had the loan for 3 more months in 2019.

when I enter the 1098 information for loan deduction -the average loan balance is going over 450k and reducing my deductions instead of sticking with my original 450k (seems like turbo tax is calculating incorrectly) - need help.

    5 replies

    Critter-3
    Critter-3
    Level 15
    Jul 12, 2020 7:59 PM UTC

    You must enter the 1098 forms in chronological order and complete each screen completely ... by doing so the program will recognize the changes in the mortgage holders.  I suggest you delete all the forms you entered and try again. 

    smathiaAuthor
    Level 2
    Jul 12, 2020 8:00 PM UTC

    thanks will try now

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