Why aren't all of my itemized deductions being applied?

[donewithtaxes]

Mortgage interest - $17K

Property taxes - $16K

Realizing I can only deduct $10K of the property taxes, this turbo tax this year is still pushing me into standard of $24800, but 17+10 is 27...

Why?

[VolvoGirl]

Are you or your spouse over 65?  You get an extra 1,300 for each spouse 65 or older.  Make sure your mortgage interest is showing up.  There are a couple questions you have to answer right.  Go back and check that section.

[donewithtaxes]

I have a bunch of mortgage interest statements which I think is the issue.  I had a main loan and HELOC for primary residence, which I refinanced in Sept to a new Primary and HELOC.  Then the primary got sold twice, so I have 2 more.  I have 6 mortgage interest statements for the same residence, but for some reason, TT is not combining all the interest paid in 2020.  This is getting frustrating.

[Cynthiad66]

Yes you are correct.  

There is a known problem with Home Mortgage Deduction.  TurboTax is working to fix the problem and the many other issues. There are many changes due to the CARES Act that require software upgrades.  There is no expected date yet.  Please check back often to see if you can file your return.

OR

In the meantime, you can try this work around.  You did not provide the details of your Mortgage situation and therefore I am giving you a general work around that might help.  Please try this.

Try entering your multiple Forms 1098 using the instructions below:

Steps to enter your mortgage information:

1. Gather all of your 1098 forms related to your refinance (the form from your original lender and the form from your new lender)
2. Grab a calculator and add together the box 1 amount from each form. Enter the total in TurboTax as Box 1 Mortgage interest.
3. Add the Box 5 amount from each form and enter the total as Box 5 Mortgage insurance premiums. (If you weren’t required to pay mortgage interest, these boxes will be blank on your forms and you won’t enter anything.)
4. Add the property tax paid from each form and enter it in the Property (real estate) taxes box.

Next, finish adding info for boxes 2, 3, 7, and 11 using Form 1098 for the original loan.

What if I have more than two 1098s?

You should combine all of the 1098s directly related to the refinance and enter it as one 1098.  An example of this is if you refinanced two loans into one loan. Any 1098s not directly related to the refinance should get entered separately.

What if I paid points?

Points on Loans Paid Off in 2020: Enter the points on your 1098 you have started and mark you paid off the loan when promoted.

Points on Loans on New Loans: You will want to enter a separate 1098 to cover these points paid. When prompted, enter 0.00 for Boxes 1, 2, 5, and the Property (real estate) taxes box, and checkbox 7, as you’ve already entered the details on your first 1098. For Box 3, add the date in 2020 when the loan originated.