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luigi25
New Member

Mortgage Interest Deduction Not Working Properly

I have a mortgage greater than $750K and know that there are limitations on how much can be actually be deducted; however, there is still an allowable deduction.  When working through my inputs, I did enter the accurate information and was given the option to select between the standard deduction for married, filing jointly for $29,200 or the itemized which was only the $10K allowed for real estate taxes + my charitable donations.  It did not include any portion of my mortgage interest.  I didn't realize this until after I already filed and then compared my return to 2023 to see just why I owed so much more this year.  My fault for filing and I know I will need to amend my return, but what is the turnaround time for this bug to be fixed? When and how will I be notified of the fix so that when I can amend my return, this will work as intended? 

 

This is not an edge case and can imagine a lot of people will find themselves in this situation.  

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1 Reply
AmyC
Employee Tax Expert

Mortgage Interest Deduction Not Working Properly

1. Turnaround time - there are no known issues with the mortgage interest calculation.

2. Notification -none

3. Amend your return after the original has been processed. Be sure to enter any amount paid into the amended form.

 

Please review your answers carefully. Here is the worksheet where I entered a $950,000 mortgage with $45,000 in interest. The program correctly calculates my deductible portion.

 

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