Received two 1098's. Loan servicer changed. Entere...
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Level 1

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

 
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Expert Alumni

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

Try this solution.

 

1.   Delete all forms 1098 and enter the oldest form 1098 first and work up to the present. 

2.  Enter all data just as listed on the forms 1098 you have.  If box 2 is blank on your form, enter a zero, since you do not know what the number is.  

3.  Once you have entered all form 1098s and select "Done", TurboTax will subsequently ask you if you exceed the mortgage limits or not.

 

"Do any of these situations apply to you?"

  • Mortgages that were taken out on or before December 15, 2017 and they total more than $1 million ($500,000 if Married Filing Separately).
  • Mortgages that were taken out after December 15, 2017 and they total more than $750,000 ($375,000 if Married Filing Separately).

If you do not exceed the limits, inspite of what the worksheet calculations are, then you select "No" for this question and your mortgage interest deduction will not be limited. 

 

If you really do exceed the limits then answer "Yes",  and you will need to manually calculate the mortgage interest deduction using table 1 on page 12 in publication 936 and enter the amount in the box provided.  The worksheets in either case are not filed; they are for calculations and records only.   

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New Member

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

Turbo Tax is overriding when I select no to exceeding the limits. I have two 1098 and TT is viewing it as I have exceeded the limit. 

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Expert Alumni

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

Did you try following the solution above? As advised, you need to delete both 1098's and then enter the oldest first. 

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Level 2

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

NOTHING I have tried works here. No matter how I enter the info, either on FORMS or in Step by Step, it defaults to the YES answer on the total mortgage, and therefore does not allow me to deduct mortgage interest. This is a $5000 hit. TURBO TAX, please step in and fix this bug!!!

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Expert Alumni

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

There is a workaround. When you enter $1 as the value of the loan at the beginning of the year, the program seems to calculate.

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New Member

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

I am also having this same problem.  None of the suggestions above seem to work.  Any further guidacne woudl be appreciated.

 

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Expert Alumni

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

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. 

  • Click on the View link on the top menu bar 
  • Click on Forms 
  • Locate and click on 'Tax & Int Wks' on the left-hand side of the screen (under Forms in My Return) 
  • On the form, scroll down to the 'Mortgage Interest Limited Smart Worksheet' 
  • Click on the 'No' box, to the right of the question 'Does your mortgage interest need to be limited.' 

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". 

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New Member

Received two 1098's. Loan servicer changed. Entered beginning mortgage amounts. TT adding the mortgage amounts instead of viewing as same loan. How do you enter?

Yes.  Thanks!  I did that and it solved the problem.

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