Mortgage Interest

3 replies
26 views

At the summary page"Your 2020 Deductions and Credits" Turbo Tax shows a Total for "Mortgage Interest, Refinancing, and Insurance" that differs from the sum of entered Mortgage Interest and Deductible Points. This was true on my 2019 return also. In both both years the disparity was $934. I cannot spot any reason for this disparity.

DMarkM1

Alumni - Intuit

This appears to be a limit applied to the mortgage interest deduction. This happens if the loan amounts exceed the IRS limits for mortgage loans.

In TurboTax you may see this limit applied when entering multiple Forms 1098. If so, in the desktop versions you should follow the steps in this link to ensure the limit is correctly applied.

**Say "Thanks" by clicking the thumb icon in a post. **Mark the post that answers your question by clicking on "Mark as Best Answer"

MerakAuthor

Level 2

Only one 1098, so multiple 1098s is not the source of the discrepancy in values. TurboTax is showing a value $934 HIGHER than the sum of Box 1 Mortgage Interest + Deductible Points. Seemingly TurboTax is showing I could deduct more than my Mortgage Interest; it's not throttling back the value. Puzzling to me. Also irrelevant to my return since the Standard Deduction is in my favor, but I'd still curious to know why TurboTax shows the value it does.

ReneeM7122

Level 9

The disparity could be related to some credits behind the scene on your Schedule A. However since you are taking the standard deduction, it won't factor in and become an issue, as you mentioned. If you would like, you can delete the Schedule

A or leave it alone.

How do I view and delete forms in TurboTax Online?

Open or continue your return in TurboTax.
In the left menu, select Tax Tools and then Tools.
In the pop-up window Tool Center, choose Delete a form.
Select Delete next to the form/schedule/worksheet in the list and follow the instructions.