Do we enter 1098s 1 by 1 or combined all as instructed for refinance into 1 1098 for loan over $350K in 2020? But then the Lender name would not match up to the 1098?

[laworkaholic]

Should the box be checked for 1098 amount is different since we are adding new 1098 amounts to the balance but that will not match up to the original 1098 amount reported under a singular lender name.

[JohnB5677]

Some TurboTax customers are experiencing the following error message when running the Federal Error Check 

Check This Entry: Tax and Interest Deduction Worksheet: Limited Interest and Points must be entered

If you're experiencing  the error above,  please go here to receive email notifications when any updates related to this issue become available.

As a work around  you can consolidate the 1098's and get an accurate result.

• Total all of the Box 1 Mortgage Interest received .
• Use the entry in Box 2 Outstanding Mortgage Principal from the most recent mortgage.
• Total all of the Boxes 4 & 5
• Enter only the most recent mortgage points for Box 6.  (Any previous points will be deducted when those mortgages were closed.) 

Yes you should state that the amount is different since you are adding new 1098 amounts to the balance.   Your comment may read Consolidation of 1098 reports.

[laworkaholic]

@JohnB5677 thanks for the info.  To further clarify my situation.  When I refi my original mortgage (took out in 2019) in 2020.  The refi lender sold our loan to another lender, all in all we have 4 separate 1098 in 2020.  So in order to claim the remaining points I have paid from my 2019 original loan.  Do I input the ORIGINAL loan 1098 (as a paid off loan) then input the COMBO of lenders #2-4 1098 into ONE entry for the refi?  If I do that which lender should I input for the refi 1098, the MOST RECENT one that is still holding the loan #4 as the name of the Lender on the combo 1098s?.

Lender # 1 (original loan 2019 has points)

Lender #2 (refi loan 2020, no points)

Lender #3 (refi lender #2 sold loan to)

Lender #4 (refi lender #4 sold loan to)

[laworkaholic]

Sorry for the typo below, I meant the following:

Lender # 1 (original loan 2019 has points)

Lender #2 (refi loan 2020, no points)

Lender #3 (refi lender #2 sold loan to)

Lender #4 (refi lender #3 sold loan to)

[ReneeM7122 · Accepted solution]

Yes, you should  input the ORIGINAL loan 1098 (as a paid off loan) then input the COMBO of lenders #2-4 into ONE entry for the refi.  For the refi 1098, input the MOST RECENT one that is still holding the loan #4 as the name of the lender on the combo 1098s.

@laworkaholic

[laworkaholic]

@ReneeM7122 Thanks for the confirmation.  I will do so for the 1098s.  

[Mknobloch]

How do you input the original loans 1098 as paid off?    where do I note that the original loan was paid off?

[fanfare]

the lender name does not matter.

all IRS cares about is the amount deducted is no larger than your interest reported on 1098s.

With a jumbo loan, your deduction may be limited.