Deductible Home Mortgage Interest Worksheet

[allenshapiro1]

ATTENTION EVERYONE!!!!!!!! I FIGURED IT OUT!!!!!!!!!!!!!!!!

If you have two 1098 forms... on the first form - Make sure if you have 0 mortgage insurance premiums, to not write 0.00, but to write nothing! Just delete that entry. Also make sure that when you jump to your older 1098 on the house you sold, you write that it is not your CURRENT 1098. Had a TT Tier 2 specialist go through this with me and solved it. Taxes are FILED!!!!!!!!!!!!!

[Max_Tax_Guy]

@allenshapiro1 , that may not calculate it correctly.

Depending on your case, and how I understood it, it will add interest without properly calculating the average.

It will not work in scenarios where you will have two new mortgages that you picked up in 2021 on different times.

The Tier 2 specialist should not have given you that feedback, and you should double check your numbers. 

[CM2208]

Thanks for this feedback. I just tried it and unfortunately the error still comes up that the form won’t be ready until after the 17th. 

[allenshapiro1]

I’m trying to figure out what you see wrong with putting nothing in box 5 instead of $0.00. Especially if that’s exactly what my 1098 said.

[Max_Tax_Guy]

Hi @allenshapiro1 ,

Not the box 5, but selecting that the following sentence "you write that it is not your CURRENT 1098". 

If you do that selection, and it is actually your current 1098, then that will miscalculate for you.

Hope that makes sense? You can go to Forms and see what happens in Schedule A.

Unless that is actually the case, where it wasn't your current 1098.

[ijustwanttofilemytaxes]

Even if you take standard deductions, 1098s also influence your state taxes (unless you're lucky to live in a state that has none). So omitting 1098s is usually not the best idea even if you take standard. 

[Max_Tax_Guy]

Thank you, 

Yes very well stated.

[allenshapiro1]

Max, I should have explained better.

I sold a home in 2021 and purchased in 2021.

Used two different lenders and ended up with two separate 1098 forms.

One “not current / old” that had $0.00 in box 5. Instead of 0.00 I removed the entry for box 5. (this was my solution and let me move forward).

Then went on and entered everything for my 1098 from my “current / newest” lender. 

[Max_Tax_Guy]

Hi @allenshapiro1 ,

If two different homes, then it is two separate 1098s. 

Let me get your scenario right. 

Home 1 - Sold in 2021 - Lender 1 - Sent a 1098 - Loan Balance 0, as it has been sold.

Home 2 - Purchase in 2021 - Lender 2 - Sent a 1098 - Still Mortgaged and you own.

I'm assuming you are talking about this question here, right?

That is for the same property / same loan. The only reason you would select "no" here is if you got a new 1098 from the new lender on the same Loan / property. Basically a refinance.

So if this is the question you answered no in your scenario, turbotax took full interest of the property that you marked "no" and took 100% deduction VS taking the adjusted deduction for the amount of time you had the property in 2021. 

But if this is not the question you are talking about OR your actual scenario is for the same loan / property being refinanced, OR loan being sold  to another Lender, and you got two 1098s, then you are fine.

Regarding the scenario with Box 5, that if zero or not zero would not affect your return.

And I tried following that suggestion, just the BOX 5 part, and I still get the error.

[sbath]

It is Feb. 21,2022 and still no solution to this problem. 

[Mark202]

Not a solution.  I moved three times in 2021 for work and had three 1098 forms.  TT says the form will be available after Feb 17.  Please fix this.  You're going to lose a lot of customers.

[rmeigel]

Just logged in and it's still not working. I talked to a customer service rep on the phone and they said they still don't have a date when it will be available. I wish I would have known I couldn't file my taxes I wouldn't have paid for Turbo Tax and just gone with another company that knows what they are doing

[sanddcunanan]

It's February 21st and this form still isn't available.  When will it be available?

[sanddcunanan]

Also, what if you are above the threshhold?  Should you still combine the 1098s or do you have to wait?

[sanddcunanan]

What if you have two homes.  I combined the 1098s for each home, but I still have to make two entries.  When will this be fixed?