Mortgage interest deduction summary

[DouginOR]

The amount shown for mortgage interest deduction on the summary page is quite a bit less than the amount I entered in the deduction form.

[RaifH]

If you only have one Form 1098, this may be due to the deductible mortgage interest limit. If the outstanding mortgage principal on your home exceeds $750,000, or $1 million if you purchased the home prior to December 15, 2017, the interest on your mortgage starts to be limited. 

If you have more than one Form 1098, you may be impacted by this limit even if it does not apply to you based on how TurboTax calculates the limit based on your inputs. If you refinanced or your loan was sold in 2021 to a different mortgage provider, you can combine multiple 1098s into a single entry:

1. In the Federal > Deductions & Credits section of your return, scroll down to Your Home and click Revisit/Start next to Mortgage Interest and Refinancing (Form 1098)
2. Answer the questions and enter the information from your Form 1098s:
   1. Box 1 Mortgage interest - Add the amounts together from all 1098s
   2. Box 2 Outstanding Mortgage Principal - Use the amount reported on the first loan
   3. Box 3 Mortgage Origination Date - Use the date of the refinance 
   4. Boxes 5 & 6 - Use the combined totals from all 1098s
   5. Make sure Box 7 is checked

If you have a more complex situation, like multiple homes, took cash out with a refinance, paid points, or bought or sold a home, please give more information so we can assist you further. 

[DouginOR]

That did it. Thank you!