Mortgage Interest deduction

Forum|Forum|3 years ago
March 22, 2023
2 replies
17 views

I purchased turbotax deluxe. After entering all my data, I see that for some reason the software did not list my mortgage interest deduction as a schedule A line item. Is there a software problem here?

How can I manually add the mortgage interest paid on schedule A???

James

ThomasM125

Level 15

It is possible that the mortgage interest is not deductible as entered. The main reason would be that you may have entered your mortgage amount as being over the $750,000 limit for married filing joint or $375,000 for a single filer. Also, if you have a home office deduction or rent out a portion of your home, you may have allocated all of the mortgage interest to the office or rental space.

If you are using desktop TurboTax, you can go to line 8(a) of schedule A and click on the magnifying glass icon and it will take you to the Home Mortgage Interest Worksheet where you can see how your mortgage interest is being handled and make adustments as needed.

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rjs

Level 15

When TurboTax asked if the loan is secured by a property of yours, did you answer Yes? If the loan is not secured by the property the interest is not deductible.

If you need more help, please tell us whether you are using TurboTax Online or the CD/Download TurboTax software.