Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Feb 8, 2021 5:37:50 PM

Where do I recognize points paid when they are not noted on the Form 1098?

We refinanced this past October and paid points to the Company A with which we conducted the transaction.  Before the first regular payment was due, the loan was transferred to Company B.  We received the Form 1098 from Company B, but it does not denote the points we paid presumable because they were paid to Company A.  Company A is telling us to take the points off the settlement sheet, but I do not know were to insert them in Turbo Tax.  Turbo Tax asks if we paid points to Company B and technically we did not.  But are we supposed to say we did?  Just trying to do the right thing...

0 1 85
1 Replies
Expert Alumni
Feb 9, 2021 8:11:21 AM

Yes you can enter them into the Mortgage Interest and Refinancing (Form 1098) section of TurboTax.

 

To enter your 1098 Mortgage Interest statement.

  1. Log into TurboTax
  2. Select Deductions and Credits [Review/Edit]
  3. Mortgage Interest and Refinancing (Form 1098) [Edit/Add]
  4. Add a other 1098 or select your bank
  5. Continue to follow the interview
  6. Did you pay points in 2020 when you took out the loan?
  7. We paid points when we refinanced, purchased a second home, or opened a home equity loan in 2020
  8. Tell us about the points you paid on your mortgage
  9. Enter your information here.

Note: if you enter your property taxes from your 1098 you will not have to enter them again in the property tax section