mortgage interest

[wingnut9]

Hi, it seems that my mortgage interest was not  counted or deducted from my taxes. Could that be because I refinanced several years ago? Thanx!!

[ColeenD3]

Did you actually enter the interest on your return? Were you able to itemize?

Your 1098 (Mortgage Interest Statement) shows how much mortgage interest, points, and (oftentimes) real estate/property tax you paid in the previous year.

If you didn't get your 1098 from your mortgage company by early February, you might be able to find this information on January's mortgage statement. Contact your lender if you think that your 1098 is missing information or if you need help deciphering it.

Here's how to enter your mortgage interest statement in TurboTax:

1. With your return open, search for 1098 and select the Jump to link in the search results
2. Follow the instructions to enter your 1098 info

[wingnut9]

Thank You for the reply. Yes, I entered all the 1098 info on Turbo Tax and my "tax due" amount did not change. 

[ColeenD3]

Are you taking the standard deduction or itemizing? The program will choose the one that gives you a bigger benefit. If the interest and other deductions were insufficient, then they won't help you.

[wingnut9]

We itemized, which was better.

[ColeenD3]

The only thing I can think of is to remove the interest and print out your 1040 and Schedule A. Then re-add it and see what that looks like, line by line.

[wingnut9]

thanx!!