Mortgage interest calculation is wrong. it is higher than the sum of the interest and points amortization. why is this?

squawcreek · ‎June 4, 2019

I entered $11,334,42 for interest and $93.00 for points. the total should be $11,427.42. Turbo Tax calculated $14,122

SteamTrain · ‎June 4, 2019

If you are amortizating ~2788 points over 30 years, then the 11,334 + 2788 = 14,122.

But that is only on the summary page of what $$ you entered...that is not what is deducted on you schedule A.

Assuming you did indicate amortizing pints..then only the 11,334 and 93 will be used.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

SteamTrain · ‎June 4, 2019

If you are amortizating ~2788 points over 30 years, then the 11,334 + 2788 = 14,122.

But that is only on the summary page of what $$ you entered...that is not what is deducted on you schedule A.

Assuming you did indicate amortizing pints..then only the 11,334 and 93 will be used.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

squawcreek · ‎June 4, 2019

Thank You SteamTrain, I checked the schedule A and you are exactly right -

Do you have an Intuit account?