Mortgage interest paid shows incorrectly

[garyl888]

I paid $6,431.63 in mortgage interests last year for my apartment.  I entered all the relevant information (date of sale, amount of loan, etc.) in TurboTax for the form 1098, very simple.  But in the summary view, it showed my Mortgage interested credit was 12,318.00.  I don't understand why the amount is so high?  Any thoughts?

[DawnC]

Do you mean the Deductions & Credits summary screen in TurboTax desktop or TurboTax Online?   Which product are you using?   

Can you verify the amount is correct on your tax return?   Schedule A, line 8a should be the amount of interest on your 1098.   Are there other amounts included on Schedule A or your Home Int Wkst?

[garyl888]

I'm using TurboTax online.  Yes, the Deduction and Summary screen.  How can I see my tax return schedule A?  I thought it's only generated into PDF after I pay?  I am only going through TurboTax's screens to enter information.  

[DawnC]

Yes, in TurboTax Online, you have to pay (or register if using Free version), to print forms.   You can preview your Form 1040 and Tax Summary in TurboTax Online without paying or registering, but you won't be able to see the Schedule A until after payment.    The tax summary will show your total itemized deductions though.     Can you preview the tax summary and verify your itemized deduction looks correct.    

You should go back through the mortgage interest interview to double check your entries.    Do you see 2024 and 2025 separate on the summary page?    The screen below (tax breaks) should show only 2025 interest entered.  

[garyl888]

Thanks for showing me how to access the Tax Summary.  My standard deduction for MFJ is bigger than my itemized deductions, so I don't see anything in schedule A.   In that case, is it a moot point?  IRS won't care if my itemized deductions are wrong if I'm taking standard deductions?

[DawnC]

Correct and you are welcome!   No schedule A will be sent if you are taking the standard deduction.    Mortgage interest is moot when taking the standard deduction.