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My mortgage (home equity) interest is under $600--$558.90--so I did not get a 1098. How can I just enter my mortgage(home equity) interest without a 1098?

 
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2 Replies
rjs
Level 15
Level 15

My mortgage (home equity) interest is under $600--$558.90--so I did not get a 1098. How can I just enter my mortgage(home equity) interest without a 1098?

A home equity loan is not a mortgage. Unless you used the money from the home equity loan to "buy, build, or substantially improve" your home, you don't enter the interest anywhere because it's not tax deductible.


If you did use the home equity loan to "buy, build, or substantially improve" your home, there is a separate line on Schedule A for mortgage interest that is not reported on a Form 1098. But there is no way to enter such interest in TurboTax Online unless it's a seller-financed mortgage. You would have to switch to the CD/Download TurboTax software and make the entry in forms mode. Forms mode is only available in the CD/Download TurboTax software, not in TurboTax Online. In forms mode, you would enter the interest directly on Schedule A line 8b, without using the Home Mortgage Interest Worksheet.


Note that mortgage interest is an itemized deduction. It will not make any difference in your tax or your refund unless your total itemized deductions are more than your standard deduction.

 

rjs
Level 15
Level 15

My mortgage (home equity) interest is under $600--$558.90--so I did not get a 1098. How can I just enter my mortgage(home equity) interest without a 1098?

With only $600 of mortgage interest, you might not have enough other itemized deductions to exceed your standard deduction.

 

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