There is no mortgage interest in the breakdown of my itemized deductions.
I already selected the loan being secured by a property.
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Is it giving you the Standard Deduction instead of Itemized Deductions? I hope this helps......
There is a new question or two you have to answer to get the mortgage interest deduction. Like maybe put in your ending balance. Make sure you answer that the loan is secured by the property. Go back through that section.
It gave me the option to change to Standard Deduction at the end.
I did check the loan is secured by the property. In the Form 1098, I did input the value for Box 2 - "Outstanding mortgage principal" and also "Outstanding mortgage principal as of 1/1/2019".
@lyogavin wrote:
It gave me the option to change to Standard Deduction at the end.
I did check the loan is secured by the property. In the Form 1098, I did input the value for "Outstanding mortgage principal as of 1/1/2019".
There is a workaround for this.
For desktop versions:
For online versions:
Is it the question "Do any of these uncommon situations apply to your loan with XXX" at the beginning (right after input the lender name) ?
The options for above question include:
- Someone who isn't my spouse co-owns this loan, and we only pay a portion of it. Learn more
- The seller is financing this loan and we didn't receive a 1098.
- None of these apply.
No option for "Yes". I don't see any option about number zero if I select the option #1 or #2 either.
I have the Foreign Earned Income and Exclusion and Foreign Tax Credit. Will those affect the mortgage interest for federal filling?
For the state (CA) filling, I can see the correct value of mortgage interest.
Update:
Called the TurboTax and finally figured out the solution:
- Go to Tax Tools -> Delete a Form;
- Delete the form "Tax and Interest Deduction Worksheet" in the list;
- Go to Federal -> Deductions & Credits, click the button "Wrap up tax breaks" in the bottom.
Then finally the correct mortgage interest goes to the Itemized Deduction breakdown.
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