Error

Forum|Forum|5 years ago
April 15, 2021
1 reply
2 views

Hello!

I did that smart check, got 7 errors 6 of them had a box so I can fix it. The 7th one has n box and when I click the actual form you cant type in it. I tried going back too enter and it doesn't even ask the question? We have a home equity line and they want to know how much we used last year. It wont let me file till I enter the amount! Any ideas? I've been trying for 3 days now.

Forms

KrisD15

Level 15

Please go back through the interview for that 1098 and pay close attention to when the program asks if you took any cash-out and how much.

The 1098 will be under Deductions & Credits, "Your Home".

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Subu9883Author

Level 2

its for a home equity line of credit and I keep going back and it doesn't ask how much we took out?

it ask for:

lenders name

if our names are on the 1098 & this is a seller refi and I didnt receive a 1090 (yes or no)

ask for the details off the 1098

points

is the loan secured by a property

if the loan was to purchase the property and what kind of loan is it

have we used this money exclusively on this home

Is there another 1098 form somewhere I am missng?

MaryM428

Level 11

Answer Yes to loan secured by a property
Next question is Is this loan a home equity line of credit or a loan you've ever refinanced?
Yes, this is a loan I've refinanced or a home equity line of credit (HELOC).
A home equity line of credit (HELOC)
Have you used the money from this loan exclusively on this home?
If you did not use the loan for something else then answer Yes
If you used some or all of the loan for something else Answer No and the questions will come up about how much was used on the home last year.

If you answer Yes in step 7, you will not get the additional questions. If you did use the money for something else you will have to determine how much of the interest is deductible.