Hello -
Mortgage Interest inside of TT does not seem to be computing correctly.
We have one home with mortgage interest + points (and no other loan costs). The total is around $7k. But, TT is calculating it as $9.4k. I simply cannot see/figure out why TT is doing that. Can anyone assist?
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1/2: Loan balance is well below $750k
3: Yes, only ONE 1098
4: Desktop/digital download (via Costco)
First, "Revisit" the "Mortgage interest" topic and delete the form 1098 and click "done" to clear all the entries and start over. Click the "Online" tab at the top of the page and "Check for updates."
Once completed and signed back in "Revisit" the "Mortgage Interest" topic.
Manually "type in yourself" the form information. For the follow on questions since you only have 1 form 1098 enter "Yes" this is the most recent form 1098. Answer the rest as applicable.
Once you have completed the entries select "Done." That should bring you to a "Needs Review" screen where you can enter the ending balance and any special situations.
Hopefully this now calculates properly. If not, go to the "Forms View".
Then in the "Forms View" click and open the "Home Int Wkst (lender name)." Scroll down to section G and see what is showing for interest and points. Glance through the rest of the form and ensure what is checked/entered matches your situation.
Post any disconnects you find here and someone may be able to help troubleshoot a bit more.
@DMarkM1 Thanks for that helpful reply. I went straight into the Form, first...to see what numbers it was using. Everything looks correct - interest for 2021, amortized points for 2021, and original points when we obtained the loan. When I add THIS years interest + the ORIGINAL points (NOT this year's amortized points), it equals the amount that is showing up on the TT walkthru screen on the desktop version. (This same combo calculation is appearing across all areas.) Is this computation correct? (I was thinking it would be THIS year's interest + THIS year's amortized points....NOT this year's interest + total original amortized points when we first got the loan.)
You are right! Total amortized points divided by the years for THIS year's amount is the correct addition to 2021 mortgage interest.
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