Why isn't my 1098 mortgage interest showing on Schedule A?

[maitaxes]

Why isn't my mortgage interest showing up on the Schedule A form for itemized deduction calculations?

My loan for my primary home was originated in 2021. It is a refinance and no money was taken out during the refinance - it was a refinance purely to reduce the mortgage rate. Loan amount is approx $317,000 and interest shown on the 1098 is approx $5,700. I have entered all of this info into the interview questions but when I go to the forms view, the interest showing on line 8a is zero. Why isn't it showing the interest paid? It should be used in the calculation of the total itemized deduction amount.

I'm using the mac desktop version of turbotax.

[AnnetteB6]

Double-check in the mortgage interest section of your return that you did indicate that the interest is 'secured by a property' that you own.  If this is answered 'no' instead of 'yes', then the mortgage interest is not deducted.

[maitaxes]

Thank you for the response! Yes, I did indicate that it secured by a property I own. Any other thoughts?

[JosephS1]

It is quite possible that you have checked a box preventing the interest from flowing to your return or you did not check a box allowing the interest to flow.  In the mortgage interest area, I will try to take you step by step for you to check the entries you made.  Please keep in mind the screenshots you will see below are from TurboTax online.  The screens in TurboTax desktop are very similar but not exactly the same.

First, click on "Deductions and Credits", and then Start or Edit/Add at Mortgage Interest and Refinancing (Form 1098)

You state you have entered your mortgage information previously so you should see your mortgage listed under "Here's your 1098 info", click "Edit"

Your mortgage lender name should appear next, if it is correct, click continue

Next is "Do any uncommon situations apply?"  This could be one of the areas that could cause a problem if not checked correctly.  Normally this would be checked "None of these apply"

If the situation for the above screenshot does not apply for the first 2 options, click in the None circle and then continue.  There are additional steps if either of the first 2 situations apply.

The next screen asks for the details of the data on Form 1098.  Please remember the dates and amounts shown are for example purposes only.

You may have Box 5 information listed if PMI was part of your closing.  Mortgage Insurance Premiums are no longer deductible so it does not matter if there is an entry there or not.

If all entries are correct, click continue.

The next screen will ask about the property the loan is for.  From your statement above, the first item for the primary home should be checked.

The next screen is to ask if you paid points on the mortgage.  If it was for a prior year as indicated then the first item would be checked or if you did not pay points the last item would be checked.

The next screen will ask if the current 1098 info is the most current.     Click yes, then continue

You will be asked if this is a refinance or home equity line of credit.  From your statement, this would be answered yes.

Once answered, you should see a screen pertaining to whether you can itemize deductions or if the standard deduction is the best for you.  Click continue and you will return to the 1098 info screen.  Click continue if no other information or another 1098 has to be entered.  You will then return to the deductions summary page.

I have tried to duplicate your problem without success.  I do hope the above assists you in determining why your deduction is not showing properly.

@maitaxes 

[rbmango]

I am having this exact same issue. Home interest deduction shows up in the Home Loan Deduction Summary, but not in the current vs. previous year deduction summary or on Schedule A where it needs to be.   I have been using Turbotax for over 20 years and never had this problem before.  I am not even close to the higher limits that would cause loss of deduction.

[maitaxes]

Ah! Thank you so much! The problem is that my bank hadn't checked box 7 even though the loan (primary residence) is secured by my primary residence. That made all the difference. Thanks again!

[userredlocs_99]

I had the same problem...in the 2021 TTax community they stated there was a bug in the software. You put in your interest in the correct area when you are asked the initial question, but it DOESNT populate the actual FORM...thus it doesnt calculate correctly.     the 2021 "solution" stated to PHYSICALLY OPEN THE ACTUAL FORM,...when i did this for the 2022, i noted on the actual FORM the interest was blank... i HANDtyped it in, and voila, TTax recalucated and acknowledged my interest paid for mortgage

[userredlocs_99]

in 2021 there was a bug in the TTax software... 2021 suggests you open the actual Home Mortgage interst form.  you will find that the value has NOT translated to the form, and thus you must handtype it in. once you do that, TTax will re-calcualte and it will show up.

[rbmango]

Thanks!!