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mlkozol
New Member

2024 interest on mortgage loan not being recorded correctly for deduction

My interest on mortgage loan is over 8k.

My deductions are over 40K. (real estate tax, donations and interest on mortgage loan)

The system is not calculating the correct refund based on the above.

Basically the mortgage loan interest is not included in the calculation.

What do I need to do to correct this?

Thanks.  MLK

 

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1 Reply
rjs
Level 15
Level 15

2024 interest on mortgage loan not being recorded correctly for deduction

Did you get a Form 1098 for the mortgage interest, and did you enter the 1098 in TurboTax? If you are working on a 2024 tax return you must be using TurboTax Desktop, so you can go to forms mode. Look at Schedule A in forms mode. Is the mortgage interest shown on line 8a? If not, when TurboTax asked whether the loan is secured by a property of yours, did you answer Yes? If the loan is not secured by a home that you own, the interest is not deductible. A mortgage loan is normally secured by the home that the loan was used to purchase.

 

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