Mortgage Interest - Points

[markbrownsurveys]

In reviewing my Turbo Tax Entries I realized that Turbo Tax is not amortizing the points on my home loan. 

The forms are correct.  The calculation shows the amortized amount but when transferred to the Your 2019 Deductions & Credits Page it is adding the Total Points and Mortgage Interest.    I just noticed it did the same last year.  Fortunately Last year the Standard Deduction wiped this out but is this an error in the program or am I missing something.

Appreciate your comments.

[rjs]

You said "The forms are correct." If it's correct on the actual tax form, don't worry about what's shown on the TurboTax summary page. That's just a rough overview of what you entered, not a precise report of what's on your tax return.

If you have further questions, please say whether you are using TurboTax Online or the CD/Download TurboTax software.

[Domenick]

Using CD for windows....I find the same error, the total mortgage points are added to this year's mortgage interest paid.  If the turbo tax program won't work how can I enter directly onto the form and still be part of the total deductions when they are calculated?

[markbrownsurveys]

Domenick, Yes using CD version of Home Delux.     After chercking and rechgecking my entries I went to the forms and looked at the actual form that would be submitted to the IRS and the data is correct there. 

Just not on the screen you and I are looking at.     Glad someone else noticed or had the same issue.  At least I was not alone.       

A previous response said the screen form was just a estimate.   Huh?   It should be correct.  Software should be fixed.  If all the screens are just estimates than that would mean I have to go over my entire Tax Return Line by Line to insure Turbo Tax did it correctly.   Including checking the math.   Why buy the software.

Thanks for confirming it is a glitch. 

[rjs]

@Domenick 

From what I can see the error is only on the TurboTax summary screen titled "Your 2019 Deductions & Credits." That does not affect what's on your actual tax return.

Please switch to forms mode by clicking the Forms icon at the top right. In the list of forms on the left side, click on Schedule A to open it. Scroll down to line 8a. Is the amount on line 8a just this year's interest, without including any points? Scroll down a little further to line 8c. Is the correct amortized amount of points on line 8c? See the screen shot below.

If Schedule A line 8a is only the year's interest, and line 8c is the amortized amount of points, then your tax return is correct. Just ignore the amount shown on the TurboTax summary screen.

[rjs]

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@markbrownsurveys wrote:

A previous response said the screen form was just a estimate.   Huh?   It should be correct.

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@markbrownsurveys 

I didn't say the amount on the summary screen was an estimate. I said it's an overview of what you entered. It's the total of the mortgage interest and the total points that you entered. It's not an amount that appears on your tax return, and it's not supposed to be an amount that appears on your tax return. The summary screen is an overview of what you entered, not an overview of your tax return. As you noted, the amounts on the actual tax return forms that are sent to the IRS are correct.