I have two mortgages that originated in 2013 and 2020, respectively, They generated two separate Forms 1098. The combined principal balance is over 750k. My understanding of the law is that this limits my deductible interest.
TT calculates the deductible interest on the Deductible Home Mortgage Interest Worksheet. As far as I can tell it does so correctly, the deductible amount on Line 16 of the worksheet is the same as what I get when I calculate it myself. However, it does not enter that amount on Schedule A as the worksheet tells it to do; instead, it enters the total interest paid. I'm pretty sure this is wrong.
I have tried to manually enter the correct amount on Line A2 of the Mortgage Interest Limited Smart Worksheet within the Tax & Int Wks, but doing so does not change what shows up on Schedule A.
I have seen various discussions reporting that TT deducts too little mortgage interest (or none at all), but none where it deducts too much, as I believe is the case for me. Has anyone seen this before? Does anyone know whether this is a known bug, and whether there is a fix, or a fix in the works?
