Tax Year Prior to 2020: Mortgage Interest not Showing on Schedule A

[SkyTeamFlyer]

Same issue NOW in 2021 for 2020 tax year.

[hoyasaxa73]

I did manage to reach someone at TT last week.  The reply to the issue was "TT is working on some forms and will release those on 2/4."  So I am waiting to see if an update takes place some time today and whether or not the interest issue is resolved.

[SkyTeamFlyer]

What are the instructions for the online version?

[hoyasaxa73]

I see no specific instructions and TT won't allow me to change the worksheet to "interest deduction not limited".  The software thinks I have too many dollars in loans versus the mortgage balance.  Two of the three loans we refi's.  I've never experienced this issue previously during a refi year.

[doreeno007]

Reposting my solution from last year. 

When you are in the step by step area to enter the mortgage information, the box to check Yes or No, Does your mortgage interested need to be limited?  is not there and the answer defaults to Yes. If you go to the Tax Deduction Interest Worksheet to the Mortgage Interest Limited Smartsheet section, you will see the box is checked Yes. Switch it to No and watch your tax liability go down. Note that once checked no, the section is gone in the step by step area.

[SkyTeamFlyer]

This option is not available this year on the online version.

[hoyasaxa73]

Saw your recommended solution from last year.  TT won't let me change the box from Yes to No.

[SkyTeamFlyer]

I also did my taxes on Credit Karma, and if you combine all 1098 Mortgages into one, then the Schedule A will populate and the numbers match. But I shouldn't have to do that!

[JamesG1]

Some TurboTax customers are experiencing an issue with their home mortgage average balance. This can cause the home mortgage interest to be incorrectly limited.  This may be affecting your tax return.

Please sign up for email notifications when an update related to this issue is available here.

See also this TurboTax Help.

[Yvonne2004]

Is there a timeline on the fix for these?  In looking at the forums this has been an issue for three years - the only way I can get the "system" to account for my mortgage interest (I refinanced in 2020) is to incorrectly report Box 2 as 0 on the original loan - which is not accurate.   Given this is simply a case of a calculation not working correctly in the TurboTax software, I would appreciate any insight into when this fix might be rolled out.  I checked again this morning and nothing new - the system continues to propose the standard deduction which is reducing my refund by $5,000. 

[hoyasaxa73]

Timeline unknown and I can't even confirm TT is working on a fix.  Problem seems to have been in existence prior to this tax year.  Tried to reach a human voice at TT but could not.  Just going to continue waiting as I have no personal urgency to file.

[LinaJ2020]

The issue has been submitted and is currently under investigation.  Please click on the following link and sign up for an email notification when it's fixed.  

Limited interest and points must be entered

Home Mortgage interest being limited

Thank You for your patience. 

Your deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status) for tax years prior to 2018. Beginning in 2018, this limit is lowered to $750,000. Mortgages that existed as of December 14, 2017 will continue to receive the same tax treatment as under the old rules.

For tax years before 2018, you can also generally deduct interest on home equity debt of up to $100,000 ($50,000 if you're married and file separately) regardless of how you use the loan proceeds.  For details and learn more, click here: Home mortgage interest limitation

[dhlee]

As others have pointed out, yes, this issue remains from the prior year. Below is a 2020 post that helped many last year. I am hoping that the same workaround will get me past this issue again.

Copied from 2020:

There is a workaround for this. 

For desktop versions:

• In Forms view, locate and click on Tax & Int Wks on the left from the forms list
• On the form, scroll to Mortgage Interest Limited Smart Worksheet
• Click on NO to the right of the question, Does your mortgage interest need to be limited

[JoannaB2]

Yes, we are aware of this experience on 2020 1098 Mortgage Interest deduction, please click here to sign up for updates. Or, you can click here to contact us directly.

You may on hold to your 2021 1098 Mortgage Interest Statement for further instruction, if any.

[Rkaminski50]

This isn't working for me either and this is a major error. I can't believe that Tubro Tax allowed this to get through their Quality Control testing process. Is everyone asleep at Teubo TX???