1098
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bnoll411
Level 2

1098

I refinance a home loan in 2020 with the same lender I got the original mortgage. I received two 1098s forms from the same lender, as expected.  The amount of interest paid to the lender, reported in Box 1, is different in the two forms.  Even though I reported the data in the two forms separately in EasyStep, the amount of interest that shows up on "Schedule A Deductible Home Mortgage Interest Worksheet" is the same.  On the left side of the app, there is a column with the various forms you use.  It has two 1098s there and they both have the correct data.

4 Replies
JamesG1
Expert Alumni

1098

Some TurboTax customers are experiencing an issue with their home mortgage average balance. This can cause  the home mortgage interest to be incorrectly limited.  This may be affecting your tax return.

 

Please sign up for email notifications when an update related to this issue is available here.

 

See also this TurboTax Help.

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bnoll411
Level 2

1098

I have this problem.

LinaJ2020
Employee Tax Expert

1098

Since you have more than two 1098's forms, I will recommend you to combine all 1098 forms and enter as one.  I am attaching a TurboTax link for the instructions how to do claim your mortgage interests.  Click here:

 

Multiple Form 1098s

 

For tax years prior to 2018, your mortgage interest deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status). Beginning in 2018, this limit is lowered to $750,000.  For more information about the mortgage interest deductions, click here: Mortgage Interest deduction

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bnoll411
Level 2

1098

I got an email that said an update corrected the problem but TurboTax continues to add the 2 mortgages (original plus refi) so that line 7 on page 2 of the Deductible Home Mortgage Interest Worksheet (Part 1 Qualified Loan Limit) is incorrect.

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