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Hello, I am using Turbo Tax Home and Business. I entered my mortgage interest under the Business Home Office Deduction section. My mortgage interest amount for 2023 is $3471. I've gone through the entire program for Federal taxes and when I have Turbo Tax search for errors, it gives me this one error:
It tells me to check an entry for Schedule C form 8829 and it says "DeductibleMortgageIntlndrAmt is too small. " It shows form 8829 line 10 "Deductible mortgage interest". My entry of $3471 is highlighted and shows up as a negative number. Turbo Tax does not let me edit the number.
Is this number supposed to show up as a negative number here?
Is this just saying that I don't have enough interest to deduct in order to itemize? (I already knew that, but I can still deduct some of it through my home office deduction) Why does it prompt me to correct it yet not allow me to change it?
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Your best option is to delete Form 1098 from the Home Office section. Save your return. Close and reopen TurboTax. Then enter the 1098 again. If that doesn't resolve the error, try entering the allocated portion as a direct expense for the home office (without entering Form 1098). Then enter the balance for Schedule A.
Thank you, I
l'll give it a try.
Removing the 1098, restarting and then re-entering worked!
Thank you!
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