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It is not illegal to combine information from multiple Form 1098s and make one entry for the multiple forms. Form 1098 is an informational form and the data, if required, is used to prepare your tax return.
This TurboTax link What do I do if I have multiple 1098s from refinancing my home debt? has directions on multiple 1098's
The IRS Publication 936 (2021), Home Mortgage Interest Deduction has information you may find useful.
I know tax advice is not available- so what I hear you saying is I can go ahead and combine my primary home (w/ two 1098s because of refinancing) with my vacation home (2/ two 1098s because of refinancing) and that's all good. So I just add up all 4 of those 1098s and make 1 entry and voila. Now, just to figure out what to do with the 5th 1098 from a rental property? C'mon Turbotax!
No, the information provided by @Leonard Smith does not advise the adding of multiple 1098s from different properties.
"When you have more than one Form 1098 with the refinance info and both show the same balance of the mortgage, TurboTax adds the amounts together. And that may lead to a limitation of the deduction because the balance is then overstated. To avoid this, make sure that you're not reporting the same mortgage balance twice."
What do I do if I have multiple 1098s from refinancing my home debt?
As for the rental property 1098, you can follow the steps at Where do I enter income and expenses from a rental property?
@Anonymous
Alicia, that makes sense. Understood. Thank you.
Now, if TT could just provide the means by which to do that everything would be great. This is not some complex tax matter. This is something that presumably many taxpayers are trying to do- claim home mortgage interest from more than one 1098 and likely more than one property. How TT has managed to charge a premium without being able to provide the most basic tax preparation entry is simply unbelievable. Instead, there is a major glitch and almost zero communication from TT on it.
Feb 23rd and no fix? Common
Feb 23rd and I still have this issue and the error message still says Feb 17 for a fix. I have combined my entries into two 1098s (each for a separate home) but still no luck.
Click this link to sign up for notification for the Home Mortgage Interest Worksheet.
No thumbs up I’m afraid. This is not a new or particularly complex or technical tax issue. TT is losing business and goodwill over this. People filing now are due refunds and TT is preventing that from happening. Thank you.
TT getting sued. And sued again for the same thing:
@Anonymous Dead link
It looks like it might be fixed. I was able to file just a few minutes ago!!
Same. I was just able to file as well.
Yes, I was able to file as well. Issue resolved, thank goodness. Hopefully TurboTax can get in front of this issue next year...
Finally able to file, both federal and state, with four 1098 forms on the same property. Seems like Turbotax has finally fixed this error. Turbotax definitely fell down on preparedness and public communication about this issue (so easy just to set up an email notification to tell people when it's fixed).
On the other hand, to all those who talked about going to court, or ranting about how terrible it was that they had to wait a few weeks for their refunds -- can you just wait and have some patience, for God's sake? No need to be nasty in public forums, just reflects badly on you, not Turbotax.
First off bartab, you have no idea what other people are experiencing that they might need their refund THAT THEY EXPECTED to receive by using TT. I capitalized all those letters for you instead of just the G. Secondly, TT is so on top of things that I just received this email after I finally being able to file yesterday:
Thanks for being patient with Mortgage worksheet error |
TurboTax Support <[email address removed]> | Fri, Feb 25, 2022 at 5:27 PM |
To: | |
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