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RobertM1
Level 1

Ded Home Mort form looks incorrect for TY 2020

I have refinanced 2 in 2020 and the Ded Home Mort form is limiting my mortgage interest. None of the refinance transactions was for more than the existing mortgage balance. The issue seems to be the average balance amount. Not sure what this number really means. When the average balance figures are added up they total more than $750,000 which is causing my mortgage deduction to be limited when it should not be.

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ee-ea
Level 13
3 Replies
ee-ea
Level 13
RobertM1
Level 1

Ded Home Mort form looks incorrect for TY 2020

I got notification this was "fixed" today, it is NOT. This is such a simple process not understanding why this software can't handle multiple refinances within the same year. Very frustrating.

 

Put a dam checkbox next to the mortgage to indicate it is paid in full. You all ready ask if any money is pulled out(answered No) and know the mortgage amount is < 750,000. Therefor all interest on that mortgage is deductible.

 

Is there a way to have someone from support contact me?

LinaJ2020
Expert Alumni

Ded Home Mort form looks incorrect for TY 2020

If you have more than one 1098 form, 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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