I have two different 1098 forms from 2023 from a primary and a secondary home, purchased in last two years. One mortgage balance ~650K, the other ~400K. Maximum allowed deductions per IRS are interest on no more than 750K of mortgage. So, per my calculations, I am allowed to deduct about 750/(650+400) = 71.4%of the total mortgage interest. However, when I enter the two 1098's in turbotax, it gives me the entire 100% worth of mortgage interest as a deduction. I tried deleting the 1098's and re-uploading them, thinking I might have entered something incorrectly, but they still apply 100% of the mortgage interest as a deduction. Who is wrong here (I believe Turbotax) and how to fix this situation with the tax deadline fast approaching. Thanks!
P.S. There are no complicating factors. No points. No refinancing. No rental involved.
You'll need to sign in or create an account to connect with an expert.
First let's find out what you are basing this on. Are you going by the amount of interest that is listed for each 1098 on the summary page after entering them? The full amount of interest will be listed there, not the deductible amount. Did you verify the interest that is listed on schedule A line 8a is incorrect?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
arnieg123
Returning Member
pls330
New Member
juleyh
Level 3
Stonks
Level 3
amypoggi
Level 1
©1997-2024 Intuit, Inc. All rights reserved.
Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks of Intuit Inc. Terms and conditions, features, support, pricing, and service options subject to change without notice.
Security Certification of the TurboTax Online application has been performed by C-Level Security.
By accessing and using this page you agree to the Terms of Use.
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.