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Level 1

Mortgage Interest Deduction Calculation



Last year (taxes for 2018) I had a mortgage exceeding $750,000, and TurboTax had me calculate the deduction by hand -- that is, it did calculate the deductible interest for me. Does anyone know if TurboTax still lacks the ability to calculate the deductible interest? Seems nuts that even at the Premier level of the program that it can't do this task. 

2 Replies
Expert Alumni

Mortgage Interest Deduction Calculation

According to this turbo tax document, turbo Tax Tax will calculate the amount of deductible interest but to do so, turbo Tax will ask you a series of follow-up questions to make sure you're qualified to take the deduction. Usually these types of questions are unique to your mortgage information that is not reported elsewhere in your return.

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Level 1

Mortgage Interest Deduction Calculation

Thanks. TT did ask me the questions referenced in your document, but it doesn't appear to calculate the adjusted deduction if the mortgage principal is >$750,000. TT did explain (much better than the IRS) how to adjust the deduction by hand. 

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