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bkrpdx
New Member

Mortgage Interest Deduction Confusion

I own two homes - where I live and a beach house. My total mortgage balance between the two is just under $707k, notably under $750k. I paid $31k in mortgage interest, but TT is saying I should use the standard deduction. My mortgage interest alone is more than that. Add in my $10k of state and local and my charitables, and I am way over the standard deduction. When I toggle to itemize, it shows only about $20.

 

Have I entered something incorrectly or do I misunderstand the rules? 

 

Thanks.

2 Replies
bkrpdx
New Member

Mortgage Interest Deduction Confusion

Further exploration reveals that the home mortgage interest is not getting added in - the amount of beach mortgage interest added to the $10k cap on state and county taxes plus the charitable donations exactly adds up to the amount TT is using as the comparator with which TT is making the determination as to whether to use the Standard Deduction. The house mortgage is not being added it. Both are seemingly entered exactly the same (just the numbers are different).

 

Ideas? 

WendyN2
Level 7

Mortgage Interest Deduction Confusion

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. 

 

Limited Interest Worksheet

 

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.

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