Turbotaxis asking me for the "Limited amount to report on Sch A, line 8a", on the Form 1098 section. But my Form 1098 Mortgage Interest Statement does not have a line 8a.

Schedule A, line 8a is Home mortgage interest and points.  

 

The limit for a mortgage interest deduction is $750,000. That means this tax year, single filers and married couples filing jointly can deduct the interest on up to $750,000.

 

Please go back and confirm the entries from your 1098 mortgage statement.  If your mortgage is less than $750,000 the full amount of interest plus points should be entered.

Am I right that if my mortgage is less than $750,000 I need to put into line 8a the same amount as in the line above?

 

Thanks.

Yes, the 1098 does not provide enough information for the TurboTax program to make a definitive diagnosis, so this screen is provided to verify the amount of home mortgage interest you are allowed to claim on your tax return. 

 

Often this occurs when there are multiple 1098 forms involved. Besides the limit on mortgage debt, the debt must have been used to buy, build, or improve the home it is secured by. 

 

Please click here for more information from TurboTax

 

Please click here for more information from the IRS