multiple 1098

Forum|Forum|5 years ago
February 12, 2021
1 reply
6 views

I have 2 1098 forms - how do I enter the second one?

RayW7

Level 12

If you have multiple 1098 mortgage forms, you’ll enter them one at a time.

After going through the steps with the first one, you can add a lender when you get to the Mortgage deduction summary screen. (In the case of a refinance, it's best to enter the 1098 from your original loan before the 1098 from your refinance.)

But, if they're both from the same lender, and one of them has the “Corrected” checkbox marked at the top, enter the corrected 1098 and discard or shred the other one.

If the loan was refinanced or moved to a different lender in 2020 and you have two 1098's to enter:

First, delete both 1098's if you started to enter them. Do NOT try to edit them.

Enter the older loan first, enter box 2 as it is reported,

THERE WILL BE A SCREEN ASKING "WAS THIS LOAN PAID OFF OR SOLD IN 2019?" CLICK "YES"

(this screen will not appear if you go back and edit)

Continue through the interview

Next, enter the second 1098

If box 2 is blank, enter zero, otherwise enter what is in box 2. DO NOT LEAVE IT BLANK

Continue through the interview questions. Do not select that it is a HELC.

Since you clicked that the first 1098 was paid off or refinanced with a different lender, the mortgage balances (box 2) will not be added together.

briewer2

Level 2

This did not work, I have searched dozens of community threads and there have been multiple recent answers from experts that give completely different answers. Some say combine the numbers, some say to enter separately. My refi lender is different from my original lender so combining is not appropriate. Which one would I use for lender name in that case? Even following step-by-step for every method the experts suggest, none of them work. Each time my mortgage interest is reduced because the program still thinks I have two outstanding mortgages. Entering zero into the outstanding balance for the original one creates an error message. The only reason I paid for TT was to have it handle the multiple 1098s. I look forward to them fixing this soon.

Cynthiad66

Level 14

Please try this. If there is a refi and there was an outstanding mortgage principal listed in both of them on Line 2 on the 1098. When you do put an outstanding balance in both forms, then the program adds them together and if that number is greater than $750k, then it puts you in the category to "limit interest". To get that to go away, you need to go back to the deductions section and click on "edit" mortgage interest statement. Change the line 2 of the mortgage that you no longer owe on (like the one that you refinanced and paid off) to a 0 (zero) because you have refinanced out of that loan and no longer have an "outstanding mortgage principal". Once you change one of them to zero (the one that was paid off by the refinance) then it should no longer pop up with that error at the end when you go to file.

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