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mortgage interest deduction

I have itemized federal deductions for 2022 and qualify to deduct mortgage interest, however my mortgage interest is not showing as a deduction in the final summary.  

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2 Replies
Vanessa A
Expert Alumni

mortgage interest deduction

Is it showing on your Schedule A and not on your final summary screen or is it not being included in your Schedule A at all?  Do you have enough Itemized expenses that you are taking the Itemized Deduction instead of the standard deduction?  If not, this could be the reason you are not seeing your mortgage interest listed anywhere.

 

Itemized deductions for 2022 include Mortgage Interest, State and Local taxes up to $10,000 including property taxes, medical expenses in excess of 7.5% of your AGI and charitable contributions.  If these do not add up to more than your standard deduction, you will not see any type of benefit for your mortgage interest.  In this situation, TurboTax will give you the standard deduction instead of the Itemized Deduction which will maximize your return.  

 

If it is not being included in your Schedule A as an Itemized Deduction and you have other Itemized expenses that you should be able to Itemize instead of taking the standard deduction, you can go back through and answer all the mortgage interest questions again, being sure that you selected that the mortgage was used to buy, build or substantially improve the home that the loan secured (assuming it was).  Then continue through to the end.  

 

If you are using TurboTax Online, and have not paid yet, you can look at your 1040 form by selecting Tax Tools>>Tools>>View Tax Summary>>Preview My 1040.  You can then look at line 12 to see if the amount includes your mortgage interest.  If it does, then you are good to go.  If it does not, then does it match the standard deduction for your filing status?

 

If you have paid, you can go to print mode (or forms mode if you are using the desktop version) and look at your Schedule A to see what expenses were and were not included. 

 

There is also a known issue some users are experiencing with the Mortgage Interest.  If you try the above steps and the Mortgage Interest deduction is not being applied properly you can sign up here for notifications when the issue is resolved.

@acb271 

(Edited 2/22/23 @11:24AM PST)

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mortgage interest deduction

We had a similar issue.  Deleting the mortgage lender and re-entering. fixed the problem.  Thanks.

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