Mortgage Interest Deduction filing Single

[washbob]

Turbotax is automatically selecting Yes, and graying out the No option.   My average loan balance was less than $750,000.   I have not found an answer if the $350,000 married filed jointly applies to a person filing single.   Everything I've read says $750,000 after December 2017.   I've read publication 936, but still confused.   Perhaps I'm missing it.   My average loan balance was over $350,000, but well less than $750,000.   My question is does $350,000 apply to a single filer.

Thanks in advance,

[Carl]

Just a guess. Are you filing Married Filing Separate? Might want to check that under the Personal Info tab to make sure you didn't select the wrong one.

[VolvoGirl]

And make sure your program is updated.  Go up to Online-Check for Updates.

[washbob]

Most current updates have been installed.   That's not the problem.

[washbob]

Correct filing status is checked (Single).

[Irene2805]

I am unable to recreate the screen you posted in your question.  For mortgages taken out after December 15, 2017, the limit is $750,000 if you are filing single or married filing jointly.

First, check your version of TurboTax Deluxe.  Click Help > About and then click the Version tab.  The version should be: WinPerReleaseMsi = 020.000.1586

If you have the correct version, you may wish to check the Home Interest Worksheet in Forms Mode.  To do this:

1. Go into Forms Mode by clicking on the Forms icon in the top right of the blue bar. 
2. In the Forms in My Return list on the left, click Home Int Wkst (lender name) to open it.
3. Check your entries, especially those on the Home Mortgage Interest Limitation Smart Worksheet, at the bottom of the form.
4. To return to the interview, click on the Step-By-Step icon in the top right of the blue bar.

[washbob]

Click Help>About doesn't display on my version of TurboTax Deluxe Mac version.   I have attached screenshot of what About software shows:

I checked Home Interest Worksheet in Forms Mode and everything was filled out correctly.   I finally did a work around when it asked me to enter the adjusted home loan balance and I just reentered the full amount of my mortgage interest.   It accepted that and gave me the full mortgage interest deduction.   I have no idea why it preselected Yes for adjusted home balance, grayed itself out and would not let me select No.   But the work around worked, I guess just a bug in the software.

[DavidD66]

According to the IRS,  You can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness. However, higher limitations ($1 million ($500,000 if married filing separately)) apply if you are deducting mortgage interest from indebtedness incurred before December 16, 2017.  For more information see Publication 936 (2019), Home Mortgage Interest Deduction.  The statement above appears at the beginning of the publication under "Reminders".