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Returning Member
posted Jan 31, 2021 9:11:13 PM

Turbotax says my Mortgage Interest and Refinancing (Form 1098) needs Review, but when I click Review, it doesn't say anything is wrong!

I have two mortgages, both of them were for $750,000 or less. Turbotax doesn't indicate anything is wrong with either mortgage entry.

When I click Continue, it asks me if any of the deductible mortgage interest limits apply to me. I click "No, none of these situations apply to me" and hit Continue. It then asks me to enter my adjusted mortgage interest and points. The Original Amount says "$x" because that's how much interest I've paid across both mortgages. I enter the same $x in the "Adjusted Amount" because neither mortgage exceeds $750k so I don't need to adjust down. Then I hit Done. I'm taken back to the "Deductions

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1 Replies
Level 15
Feb 2, 2021 2:15:31 PM

We are aware of this issue.

Please sign up for email notifications of when an update related to this issue is available here.

You can deduct home mortgage interest on the first $750,000 ($375,000 when married filing separately) of indebtedness. 

Higher limitations apply to indebtedness incurred prior to December 16, 2017.