The issue has been submitted and is currently under investigation. Please click on the following link and sign up for an email notification when it's fixed.
Home Mortgage interest being limited
Thank You for your patience.
Your deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status) for tax years prior to 2018. Beginning in 2018, this limit is lowered to $750,000. Mortgages that existed as of December 14, 2017 will continue to receive the same tax treatment as under the old rules.
For tax years before 2018, you can also generally deduct interest on home equity debt of up to $100,000 ($50,000 if you're married and file separately) regardless of how you use the loan proceeds. For details and learn more, click here: Home mortgage interest limitation
Here is the workaround solution:
If you have more than one 1098 form, I will recommend you to combine all 1098 forms and enter as one. I am attaching a TurboTax link for the instructions how to do claim your mortgage interests. Click here:
For tax years prior to 2018, your mortgage interest deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status). Beginning in 2018, this limit is lowered to $750,000. For more information about the mortgage interest deductions, click here: Mortgage Interest deduction
The issue has been submitted and is currently under investigation. Please click on the following link and sign up for an email notification when it's fixed.
Home Mortgage interest being limited
Thank You for your patience.
Your deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status) for tax years prior to 2018. Beginning in 2018, this limit is lowered to $750,000. Mortgages that existed as of December 14, 2017 will continue to receive the same tax treatment as under the old rules.
For tax years before 2018, you can also generally deduct interest on home equity debt of up to $100,000 ($50,000 if you're married and file separately) regardless of how you use the loan proceeds. For details and learn more, click here: Home mortgage interest limitation
Is there any idea when this issue may be resolved? I'm having the same problem and did 2 live chat's and one phone call before I found this support form. No one had a clue what to do. Thanks
Some TurboTax customers are experiencing an issue with their Home Mortgage Average Balance. This can cause in the the Home Mortgage Interest to be incorrectly limited.
If you're experiencing the issue above, please go here to receive email notifications when any updates related to this issue become available. At the present time, we do not have an ETA on when this will be resolved.
Some TurboTax customers are experiencing an issue with their home mortgage average balance. This can cause the home mortgage interest to be incorrectly limited. This may be affecting your tax return.
Please sign up for email notifications when an update related to this issue is available here.
See also this TurboTax Help.
I was sent an email this morning stating this issue was fixed in Turbo Tax Live it the system would update itself. It stills remains present and I'm unable to to E-file. I deleted all 1098 forms and re-entered them hoping that would help, but the same message continues to populate every time I try to file.
What is my next step?
I am at the same point exactly. I cannot e-file because of that. And I am getting an email that the issue has been resolved. I had already 5-6 calls on the issue, but it continues (despite optimistic email)
Here is the workaround solution:
If you have more than one 1098 form, I will recommend you to combine all 1098 forms and enter as one. I am attaching a TurboTax link for the instructions how to do claim your mortgage interests. Click here:
For tax years prior to 2018, your mortgage interest deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status). Beginning in 2018, this limit is lowered to $750,000. For more information about the mortgage interest deductions, click here: Mortgage Interest deduction
If turbo tax can't provide a product that works then it needs to be sold at a discount.
| Deductible Home Mortgage Interest Wks: Your calculations could not be completed. Reference code: 9-945-263 |
Please click What do I do if I have multiple 1098s from refinancing my home debt? to learn how to resolve the reference codes.
Why is this taking so long to fix? I've been waiting almost a month. I have to file State in a couple weeks. No extension with the State. I will be switching to H&R BLOCK for next year unless this is fixed immediately. Get the right IT people to work on it.
Please see the Help Article here for more details and instructions on how to get through this error.
I tried the hot fix, deleted my 1098's and re-entered but still can't e-file. This is totally unacceptable and disappointing with the way TurboTax is responding. I do not hear anything from TurboTax. Thinking about contacting the Better Business Bureau as well as requesting a refund.
Yes there is a still an issue with the Home Mortgage Interest Deduction. However, TurboTax cannot move forward with finalizing the programming until the forms are finalized by the IRS. TurboTax has to work in conjunction with the IRS in the tax law changes.
The Fix should be soon because IRS is now able to focus on refunds soon. The Stimulus program is well on the way.
Has this been fixed yet???? I'm trying to e-file and it will not let me move forward. What is going on????
Looking at the thread this has been reported over a month ago. What is the resolution path for this?
What do I need to do? Just wait?
Give us instructions on how to follow up without being penalized by IRS.
You won't be penalized by the IRS because the IRS is holding you up!! Just a FYI, TurboTax has to work with the IRS when programming software for new deductions. TurboTax cannot correct this problem until the IRS has finalized the forms. IRS has been busy with the Stimulus program and is now gearing up in the tax refund and processing area. We do not have a date and are waiting also. Once the forms have been finalized, TurboTax will upgrade software, after all, the systems must be able to communicate to translate the tax information received. I do appreciate your patience!
Filling out my taxes I owed 10,000 Federal When I got to Mortgage Interest I put the numbers in for 21,000 interest knowing only $10,000 was deductible. The federal amount owed was not reduced by entering the mortgage.
Joe
[email address removed]
[phone number removed]
It depends. The $21K may not have an impact if you are unable to itemize deductions. Also is your mortgage loan balance more than $750K because if so, your mortgage interest may be limited.
Go to federal>deductions and credits. Continue through the screens and when you get to a screen that looks like the screenshot below, see what type of deduction you are actually receiving.
Same boat. 3 live chats and still nowhere really close to a good solution
The workaround solution didn't work either. Still getting the same error message. What's the point of using TurboTax if there is no solution aside from "just print and mail" your file
Due to Turbo coding issues that create issues with multiple 1098s, the solution was to combine all 1098s into one with the a lender name of "MULTIPLE," and delete the other 1098s in the software. Combine all of the interest paid and enter that into for the "MULTIPLE" 1098. For the origination date and loan amounts in "MULTIPLE", enter whatever the latest 1098 was in 2020. This worked on my end with the Turbotax CPA, who said this was how they used to do it before the software listed each individual 1098. If you're ever audited, you can show the actual 1098s and how, altogether, got you to the "MULTIPLE" total.