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Returning Member

Where on turbtax do i input points paid on my home loan

4 Replies
Level 15

Where on turbtax do i input points paid on my home loan

Go to Federal> Deductions and Credits> Your Home to enter mortgage interest, property taxes, private mortgage insurance (PMI) and loan origination fees (“points”) that you paid in 2019.  You should have a 1098 from your mortgage lender that shows this information.  Lenders send these in January/early February.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
Level 1

Where on turbtax do i input points paid on my home loan

In the current version of TurboTax, there are only two choices: 1) I am spreading the points over the life of my loan (amortizing) or 2) I have no points to deduct.

Neither answer is what I need. In my 1098, Box 6, is the amount of points I paid on a VA loan at closing.  Where can I put that amount. It's not a small amount that I can ignore.

Employee Tax Expert

Where on turbtax do i input points paid on my home loan

Follow these steps to add points paid:

  1. Under the Federal menu, choose Deductions & Credits
  2. Click Edit/Add next to Mortgage Interest and Refinancing (Form 1098)
  3. Click Review next to the correct lender
  4. Verify the lender, click Continue
  5. Answer the question Do any of these uncommon situations apply, click Continue
  6. Verify the entries on the 1098 (this does not include the points) and click Continue
  7. Now you are at the points screen, answer the question appropriately. You will likely choose the first option, We paid points... The mortgage origination date is know based on the information entered on the previous screen for the 1098. Click Continue
  8. On this screen, provide the information about the points you paid. Click Continue.

The tax treatment of these points will depend on the loan. If such points paid on a mortgage were for the purchase or improvement of a personal residence, they may be deducted in the year they are paid. Points paid to refinance a home mortgage are not deductible when paid, but must be capitalized and the deduction spread over the life of the loan (amortized). Points charged for specific loan services, such as the lender's appraisal fee and other settlement fees, are not deductible.


Home Mortgage Points

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Level 1

Where on turbtax do i input points paid on my home loan

For some reason, the selection that you described did not appear in the steps. I deleted the lender, started over and the step you described now appeared to include the section on points. Thanks!

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