First lender Loan amount
BOX 1: 1552.13
BOX 2: 1007162.00
BOX 3: 05/09/2023
BOX 4: 0.00
BOX 5: 0.00
BOX 6: 8339.30 (points)
BOX 7: unchecked
BOX 8: My primary address
BOX 9: 01
BOX 10: 0(taxes paid)
BOX 11: Blank
Second lender (to whom the original loan sold to)
BOX 1: 32,912.22
BOX 2: 1007162.00
BOX 3: 05/09/2023
BOX 4: 0.00
BOX 5: 0.00
BOX 6: 0.00
BOX 7: unchecked
BOX 8: My primary address
BOX 9: 1
BOX 10: other
BOX 11: 07/01/2023
Real Estate Taxes Paid: 5,083.29
Here are my questions:
What should I enter for the first lender in this situation?
For second lender, I am entering Ending Balance $998,489.69 that I got from year end document.
Based on TurboTax our calculation 1098 interest the about is $25,775, which completely ignored points. However, if I remove everything from 1098 section and created one consolidated entry for both 1098’s, Lender name as first lender & second lender, I then see correct deduction number $ 32,012.
I am doing itemized deduction.
Please help me with this situation I spent my whole weekend on this issue.
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This is an Turbo Tax error that other users have reported when the new mortgage is over $750K and sold to another bank and has not been fixed as far as I know. You are correct in getting around this error by entering one 1098 as one continuing loan. Be sure to check both "This is a new loan on which I paid points (origination fees) in 2023" box and the "I bought or improved my main home with this loan in 2023" box on the "Tell us about any points" page in order to deduct all points (limited) this year instead of spreading them out.
Thanks for confirming.
I have talked with TurboTax advisor(Tamika J.), acknowledged that this is a issue/bug with TurboTax. Advisor advised me to do consolidation of my 1098’s is the only way to get around this situation.
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