Bug with refinance on a large mortgage

[RecoveringEngineer]

@Kat that's a joke right? Hope this takes care of it? 

Hi yes I see my calculator can't add but I've decided it's not a bug. Hope this clears everything up!

[gregsokol]

Not a product defect. TurboTax underestimated by refund by $6K (fed + state) and it's not a defect?!  I think lawsuit will make "engineers" to change their attitude

[Jonpspencer]

I think this is the way to go. Calculate the average balance and aggregate the interest paid following the IRS publication. At least you get the correct result and can file.

[Kat]

@RecoveringEngineer Don't shoot the messenger.  I'm in agreement with you all that this seems to be far less than any of us would expect from Intuit.  I am a volunteer that "can" serve as a conduit between users and Moderators.  I do not have direct access to anyone higher up at Intuit.  

My specialty is not taxes or software development.   My specialty (as far as TurboTax is concerned) is a sincere interest in helping users navigate the programs and successfully e-file their tax returns.  I have notified Moderators that you all find this "solution" unacceptable.

Your patience and kindness is appreciated.  

[JantovenNF]

@Kat 

thanks Kat!  Yes - please let them know what they are suggesting essentially makes their clients targets to be audited and is not in the spirit of filing taxes correctly.

TurboTax should really be able to correctly update their software to take an average as opposed to adding values.  As software engineers have stated, this should be an easy fix in the code

[samrom90]

Well I guess I'm demanding a refund and taking my business elsewhere. What a garbage company.

[Larry C]

That article was published prior to yesterday. I'd wait to see whether the update on 2/12 fixes things

[mmccluskey1]

MULTIPLE 1098s -- MORTGAGE INTEREST LIMITATION ISSUE...
Enter zero for mortgage balances for all old loans. Run Review. TT will ask for beginning balances as of January 1st 2020 of the oldest loans. Enter those Jan 1st balances (from mortgage loan statements). This clears the loss limitation issue.

[mmccluskey1]

Mary Fran M

TurboTax Live

EA, with 15 years experience

[Larry C]

@mmccluskey1 This works wonderfully. I'd add you may need to right-click on the beginning balances box and then click on override before you can enter the amount

[JoannaB2]

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.

[Craig2018]

Sign up for updates? By the sounds of it, Intuit isn't going to fix this bug since this issue was present last year. Class action lawsuit would grease the gears!

[samrom90]

@Craig2018 count me in. Can you imagine how many thousands of dollars TT screwed its customers out of if those customers trusted the company they paid to get this right to get it right?

Amazing that they can take our money for work they don't even do.

[Craig2018]

@samrom90  No kidding, especially given their max refund guarantee. What a bunch of crap! 

[samrom90]

@JoannaB2 If we enter our 1098s as they're given to us, and TurboTax incorrectly calculates that our mortgage interest deduction is limited, can we get a refund based on the guarantee that TurboTax's calculations are correct? Or do we have to sue to get TurboTax to fulfill its guarantee?