I refinanced my mortgage with the same lender in July of 2019 to lower my interest rate. I received 2 1098Bs, one for old loan and the other one for the new loan. When I input the two 1098Bs in Turbo Tax, Turbo Tax is limiting the mortgage interest deduction for 2019. I only have one mortgage loan which is below the $750K limit by the IRS. What could be wrong with my input?
I refinanced our home loan in March 2019. The bank sent 2 statements one for old loan interested paid and second for new loan. The turbo tax has only one deduction. How do I add the second interested amount paid? Also there were cost for the title search and taxes paid buy the escrow company
I have the same issue. My loan totals are less than $750,000. When I check the box that says ""No, none of these situations applies to me," I show refunds of about $5,000. When I click the "continue" button, the software forces my choice to "yes" and I suddenly owe a state and federal balance. Yikes!
I have the same issue. Is Intuit going to fix this bug? I am waiting to file my taxes. When the software did an error check, it pulled up this as something I needed to fix. As long as you dont fix it, you are ok. But I guess you wont be able to submit electronically unless you fix the error. I had to redo my entire taxes again since I put "0" in the box that asks for "Limit int/points on 1098".
EDIT: Ignore this. It did not work out.
The workaround I have so far is to enter the loan amount as 0 for everything but the oldest loan. This updates my calculations and I get credit as expected.
reposted from another thread
This is definitely as issue. I have the desktop program and have sent my tax file to TT as requested. I have not received any kind of response from TT. There have been 2 workarounds suggested by other users.
The first is to go into the actual form/worksheet and check the “No” box.
The second is to answer the tax limitation question “No”, do not click continue, save the return, back out of the program, reopen the program and manually continue your return at the next step.
I have actually tried both solutions and both cleared all the error checks and were deemed ready to efile. I have successfully efiled using the second work around. My return has been accepted and approved by the IRS and state.
TT definitely needs to fix this problem. I don’t pay for tax software to have it calculate my taxes incorrectly. In my case, the error causes a taxes due amount of over $2500 vs a refund of over $500. Its unacceptable. It is doubly irritating to have TT repeated say “there is no bug”. I guess People can’t rely on TT to “Get your maximum refund, guaranteed”.
Thank you for the suggestion.
While I am not a tax professional, I have used Turbo Tax almost 20 years to file our taxes. I still purchase the CD’s and use the desktop. I prefer to enter the information as it is shown on forms 1098. I followed your second suggestion to answer No to the limitation question, I saved the return and exited Turbo Tax. I reopened Turbo Tax and chose review deductions myself. I was able to complete the return with the expected results. I did not receive an error or any items to review.
I hope Turbo Tax provides some update or feedback soon.