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rajsesh
New Member

Turbotax Home Loan Deduction calculation error?

Home Loan Deduction issue

I refinanced in Apr 2020 from Lender A to Lender B through Lender B0. I entered the 1098 statement from Lender A and Lender B and tax deduction for the mortgage interest paid were calculated correctly. However,
When I add additional lender Lender B0 1098 info and enter mortgage interest paid in the form, the federal tax due is going up. Lender B0 just originated the refinancing loan and transferred the loan to Lender B. Why would tax due go up when i enter mortgage interest paid to additional lender instead of tax due going down as this should have higher tax deduction?

2 Replies
Ih8filingtaxes
New Member

Turbotax Home Loan Deduction calculation error?

so glad I found this post. Just want to chime in that I am experiencing this error as well. When prompted "is this loan secured by a property of yours", answering "yes, loan is secured by a property of mine" (making mortgage interest deductible) will ADD to my tax due; while answering "no, my loan isn't secured" (undeductable mortgage interest) will decrease tax due. This does not make sense! Can someone from TurboTax look into this and confirm if this is a bug or not?

DaveF1006
Expert Alumni

Turbotax Home Loan Deduction calculation error?

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