turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

aliceyang1129
Returning Member

Deductible home mortgage interest worksheet is correct. But turbo tax does not put the right number(limited deductible interest) on schedule A line 8a

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
aliceyang1129
Returning Member

Deductible home mortgage interest worksheet is correct. But turbo tax does not put the right number(limited deductible interest) on schedule A line 8a

"Does your mortgage interest need to be limited" - turbo tax put "No" here but it should be "Yes"

And in the deductible Home Mortgage interest worksheet, turbo tax calculated correctly, and ask to put line 16 to schedule A line 8a. But turbo tax still ends up putting the amount in line 13 to schedule A line 8a.

How to fix this? Thanks.

JotikaT2
Employee Tax Expert

Deductible home mortgage interest worksheet is correct. But turbo tax does not put the right number(limited deductible interest) on schedule A line 8a

Depending upon what happened, you should review your input to make sure the information is entered correctly so your limitations are calculated correctly.

 

If the total amount of your mortgage balance exceeds $750,000, then the amount might be limited.  

Mortgage interest deduction limits

 

Assuming you refinanced, you would need to review your input following the steps below:

 

Be sure that you have entered $0 for the loan that was paid off in Box 2 - Outstanding mortgage principal on the screen titled Let's get the details from your Home loan 1098.

 

1098 details

 

You will also want to select that the loan that was refinanced and is no longer there at the end of the year is marked as paid off during the year.

 

1098 paid off

 

Please see the following link for additional information on entering the refinanced mortgage interest expense. 

Refinanced mortgage input

 

Your question should be updated based upon the steps above.  If it does not, please comment so we can assist you further.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies