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Level 3
March 1, 2023
Question

single 1098 getting mortgage interest limit int/points error

  • March 1, 2023
  • 1 reply
  • 0 views

i have one mortgage. it is a refinance done in oct 2020 where money was taken out to spend on non-house things. i paid interest and have zero points.

i have entered the info from the 1098, and i have said the amount spent on the house which was 0, but the federal check is giving an  error.

 

the mortgage interest  limited smart worksheet is open.

 

tax and interest deduction  worksheet. Limited interest and points must be entered.

 

it then  expects me to put a value in "Limit int/points on 1098" field.

 

on the form ' does your mortgage interest need to be limited' is yes.

 

line A.1 is zero

line A.2 is blank and is asking for a value, but i have no idea what value is.

 

i do not remember getting this problem last year for 2021 tax year.

i've deleted the form twice and when i  reenter the values i  get the same error.

 

 

 

 

    1 reply

    Level 15
    March 1, 2023

    If the loan is not a secured debt on your home, it is considered a personal loan, and the interest you pay usually isn't deductible. Don't enter the form that you used for non-house things.

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    Level 3
    March 1, 2023

     

    this is my primary mortgage. when we refinanced in 2020, we took a small amount of equity out for non-house spending purposes.

    i have a single 1098 with my total mortgage interest paid.

    When i did this for tax year 2021 i had no  errors, for 2022 i am. 

    Level 3
    March 1, 2023

    This is a bug, because i went to  my 2021 return and ran through the exact same steps in TT2021 with last years 1098 and got no error.