You can add the second form 1098 by following these steps:
TURBO TAX 2018 edition Flawed..... awaiting TURBO TAX to respond to consumers
You can add the second form 1098 by following these steps:
Under the mortgage that was sold, do I put 0.00 for how much I owe 1-1-2019?
same here . it isnt giving me credit for the interest paid on my primary home for the amount of interest paid after the loan transferred to another lender . this is not accurate. something is flawed because of the inability to define the loan transfer date and the transfer balance . Run the numbers as if your loan was not transferred and as if you kept paying the interest to the original lender resulting in a single 1098 to see the difference!!!! (yes two 1098 but its the same loan . same terms . no refinance . no change other than one leader transfer sold it to another lender within the same tax year). this is a primary home and my name and secured by the property . all of which should qualify. if the lender did not sell transfer my loan and it stayed all on just one 1098 i would get credit for the entire amount so why am i not getting credit for ALL interest paid to the same loan occurring before year end? WHy is this software not crediting interest paid after the transfer when the loan terms didnt change? Both 1098 show the same Loan origination date!!!!!! hello . its the same loan......
TURBO TAX 2018 has a FLAW and they are not answering nor fixing this . Switch to another tax software because they are failing to respond . no one will wait for a company that has flawed software and not responding to fix it or justify this. your loss TURBO TAX 2018. payer/borrowers cannot control if their loan is transferred. this happens to everyone every few years and ive never seen software not be able to determine that both 1098 are for the same loan that was merely transfer sold to a different lender with no changes in terms
people want to file right away to get refunds . hello TURBO TAX . answer quick or potentially lose customers for the 2018 tax year
I have put the exact same data into HRblock Tax software but it calculates that i get the credit for both 1098s, the entire mortgage interest paid .
I have been with TURBO TAX for 8 years now and want to stay, Please answer and dont force me to decide that i have to change to a new sw company . id rather keep my tax history all here. You are giving me no choice unless you answer this within a day or two
I need help with this as well. The Software is asking me for the ending mortgage principal for the new lender, which is not listed on box 2 of the 1098 since they did not have my mortgage in 2018. I have the outstanding mortgage principal for the old lender but the software is NOT letting me file without entering a number for the new lender as well. I called my new lender and they told me to leave it blank or to just put the same amount as the previous lender did. But if I do it, it will not match their own copy to the IRS so I don't know what to do and if the software is even calculating my credit for both 1098s correctly. Please help me, I need to file this immediately. Thank you!
I asked the question again here: <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/questions/4549579-mortgage-was-sold-to-new-lender-after-one-month-do-i-enter-0-for-balance-on-1-1-19-or-should-both-mortgage-lenders-show-the-same-original-and-remaining-loan-amounts">https://ttlc.intuit.com/questions/4549579-mortgage-was-sold-to-new-lender-after-one-month-do-i-enter-0-for-balance-on-1-1-19-or-should-both-mortgage-lenders-show-the-same-original-and-remaining-loan-amounts</a>
I put the same original loan amount for both the original and new lender. For the original lender I included the points (started in 2018), the amount of interest paid, and a remaining balance of $0 for 1/1/19. For the new lender I put the interest paid and the actual remaining balance. My federal return was just accepted so it seems to have worked out.
I also have the same issue. My mortgage on my home was sold to a new lender n 2018. No matter which way I enter the data from the 2 1098s (end of year and beginning of year), TurboTax will not include the interest paid to the new lender in the calculations. There is a flaw somehow with this program. Fix and provide an update.
comment to sg_313, I have done exactly as you already by putting remaining amount from original lender as 0 . difference is . you mentioned you paid point and started your loan in 2018. rest of us . did not . our loans are many many years older and still the original loan i had no points on my loan and others if they had point's likely paid on them years ago so your answer does not apply to the majority of us that answered ."I've already deducted all the points I paid in 2005 or I didn't pay any points." (or whatever year your loan origination date was that appears on Both 1098s). If both 1098s show same loan origination date . you did not refinance or change terms, your loan was merely sold to a new lender. if your loan origination date is different between the two 1098s, you did. this question chain is for people who have the same loan origination date on both 1098s and purchased before the year 2018 and hav selected no points or already deducted points. there is a flaw in the software for these cases
And why isnt Turbo Tax responding? monitoring the blog . or is that reserved for those who pay for the support? hello turbo tax . these are NOT tax advise questions, this is flawed software causing these questions .
dradenekas.... I completely agree! Programming flaw.... where is TurboTax and why aren't they responding?? However, when I entered the same 1/1/2019 and end of year amounts in both of the lenders, the program calculated correctly (however, my new lender does not have anything in box 2 on 1098, but I put what was in Box two on old lender). It's a work around for the TurboTax flaw. However, I am not submitting until we get a response, as I don't know if the form will get rejected or be subject to audit as new lender 1098 submitted doesn't exactly match that which was provided by lender. (obviously new lender does not have a 1/1/2019 amount).
I had the same issue so I put the same loan beginning balance for both servicers like caseycg noted above, but each had their own ending balance. Seems turbotax assumes that a beginning balance of zero equates to a new loan not used to buy or build your home in 2018 (?). Hopefully we will get a response and fix to the problem.
Yes, I have the same problem with a mortgage that was sold to a new lender. If I enter a single lender and the combined amount of interest, with initial and final principal for the year, my refund amount is quite a bit higher than when I enter both 1098s separately. This is clearly a software bug and needs fixing soon, or I'm dumping TurboTax, using a different product, and getting a refund from Intuit, since they supposedly claim to give the biggest tax refund or your money back.
This is an old thread. Can you please post a new question describing your situation so that it can receive the attention it deserves. This thread will be closed.
I have the same problem as the posters above and I can't find the solution. Not sure why you're closing the thread without providing one.
You should enter both forms 1098's into TurboTax. The loan origination date is used to determine the maximum loan amount to use in deciding how much of the interest is deductible.
If the loan was sold to a new lender, as opposed to being a refinance, then enter the date of the original loan on both entries when asked for that information.
Then ending loan balance for both entries needs to be the balance at the end of the year.
The balance of the mortgage at the beginning of the year would be the same amount on both entries.
I entered both forms 1098 from different lenders for the same mortgage. I had lender changed starting from April. Both forms have the same mortgage origination date. But TT took these two forms as two different mortgages and summed up both (they are different) outstanding mortgage principals. Something is wrong here.
See ThomasM125's answer right above- the ending loan balance for both entries needs to be the balance at the end of the year for it to calculate correctly. @disergio
I am not sure If I follow his answer.
I entered both 1098 forms from different mortgage lenders.
The both have the same origination date(3).
But they have different mortgage acquisition dates (11), January 01 and April 01 2019.
As a result they have different outstanding mortgage principals(2) and different mortgage interest received (1).
I entered it all but TT still treats them as two separate mortgages.
They are considered two different mortgages for income tax purposes.
I would agree with this but TT sums them up and treats as a doubled mortgage now. Then more questions follow about eligibility to deduct interest you paid for such a big mortgage. In this regard TT EasyStep does not work correctly.
So this is why you should go to real forms and adjust some numbers there with hope you don't break anything. TT Easy Step does not offer to enter a lot of fields. And if you return from Forms to EasyStep Mortgage topic you will break this again.