Hi all,
Hoping for help. I am using TurboTax Premier download version.
I have entered by mortgage interest at $37,239. I selected the questions as secured on property i own and original loan. At the end the software states "Congrats You Get a Tax Break. You're getting a deduction of $37,239 for the mortgage interest you paid.
On the deductions and credits tab it shows the $37,239 next to Mortgage interest,
But once i'm done with deductions, it recommends the standard credit, and when I chose to itemize it includes $0 for mortgage interest.
What am i doing wrong (I have used the software for the last 4 years successfully).
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I'm having the same issue. Very frustrating. Taxes get reduced initially when I enter the mortgage interest, but then the deduction is fully eliminated.
The problem may occur if you have refinanced during the year, and the input reads your data as exceeding the $750,000 limit to be deductible.
If you are working in the Desktop version, you can try the following as provided by jmcglass.
If you are working in the online version, please go back to deductions and credits and mortgage interest.
Click through until you get to a screen that says "Do any of these situations apply to you? Mark yes on the next screen, take out the zero, click back and choose "No".
Same issue with filling 2020 taxes too. Any advise?
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.
I have the Home & Business Turbo Tax. I am a Tax Pro and I have been using Turbo Tax for many years and I have never seen problems like this on the software. First, the mortgage interest figure did not transfer to Schedule A and it appeared as $0. I had to manually enter the data under view, then it appeared on Schedule A. Second issue pertains to entering interest and other data not reported on a 1098. The software does not allow you nor does it ask you whether or not interest is reported on a 1098. The questions in the mortgage deductions section assumes the data is from 1098. I transferred the data from this clients return from last year and they did have a 1098 for this equity loan in 2019 but not this year because interest below $600. I went to view with no solution to correct. I had to enter the data as if on a 1098.
I'm having issues here as well. C'mon, I paid $$$ for this software and you can't figure out the "complexity" of a refinanced mortgage that is over $750K and properly deducting my paid mortgage interest for an itemized return. If I didn't know any better (and didn't reference my tax return from last year), I would be overpaying taxes because of this flaw in the software. I really think this is the last year I'm going to use TurboTax which is neither Turbo nor (accurate) Tax.
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