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Where is the entry line located on turbotax for "Debt on Date last secured" must be entered? We've been working on this for hours and haven't been able to find it. TIA!

 
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3 Replies
JotikaT2
Employee Tax Expert

Where is the entry line located on turbotax for "Debt on Date last secured" must be entered? We've been working on this for hours and haven't been able to find it. TIA!

You may not need to enter this specific line item.

 

The term debt on the date last secured refers to the loan amount on the date you signed papers for the loan. 

 

This would be an issue if your loan balance exceeds $750,000. 

If it exceeds this balance, your deduction will be reduced.

 

As you enter your information into the program from your 1098 Forms, TurboTax will determine if this will even apply to you. You do not need to specifically enter the original debt balance unless you are prompted to do so.  

 

Mortgage interest information

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Where is the entry line located on turbotax for "Debt on Date last secured" must be entered? We've been working on this for hours and haven't been able to find it. TIA!

It is requiring it. When I run error check in Fed, there is no problem. When I run error check in Iowa, it REQUIRES me to enter the debt amount AND the estimated value. There is nowhere to enter these two figures! I can file federal with out it, but Iowa will not let me transmit without entering these figures. Again, there is nowhere to enter these "required" figures! It is NOT in the 1098 section. Trust me, I have tried every configuration.

JotikaT2
Employee Tax Expert

Where is the entry line located on turbotax for "Debt on Date last secured" must be entered? We've been working on this for hours and haven't been able to find it. TIA!

I am sorry for your frustration. 

 

Since we now know the question is in the Iowa state return, we can try to assist you further.

 

Can you let me know which version of the software you are using?  Whether it is online or desktop. 

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