Mortgage Interest showing wrong value

Forum|Forum|6 years ago
May 6, 2020
3 replies
30 views

Section "Your 2019 Deductions & Credits"

Under "Your Home"

1st Item "Mortgage interest..."

This shows 2 columns: for 2018 and 2019.

When I click on update it correctly shows the Interest and Points I previously entered, so I click Done.

The value it then shows in the 2019 column for "Mortgage Interest..." is completely wrong.

What am I doing wrong?

VictoriaD75

Level 12

Is it limiting the amount of mortgage interest you can deduct?

The limit on the amount of interest has changed under the Tax Cuts & Jobs Act. The interest deduction pre-TCJA has been available to qualified mortgage debt up to $1 million ($500,000 married filing separately).

Through 2025, the TCJA has lowered the amount of qualified mortgage debt to $750,000. For qualified mortgage debt incurred on or before December 15, 2017, the $1 million limit remains in place, thus "grandfathering" existing mortgage debt.

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

For online versions, after entering the 1098 interest information, continue through the screens and TurboTax will ask you if the interest needs to be limited.

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bob1958Author

Level 2

No, It's reporting too much. The Interest and Points I entered total $1489. However it's reporting $3247 when in the 2019 column for "Mortgage Interest..."

AnnetteB6

Employee Tax Expert

Have you entered the mortgage interest and points in another section of your return, such as when claiming a home office or rental income for part of your home?

If so, take a closer look at the input screens where you entered the mortgage interest and points to be sure you do not see a 'personal' portion of those figures already accounted for on the screen. You should not be entering it in two different places in the return.

@bob1958

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