Solved: Points not reported on Form 1098 not carrying forw...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 1

Points not reported on Form 1098 not carrying forward correctly to California CA (540)

I had this issue and resolved it with an override so I wanted to share the solution.  The taxpayer refinanced a mortgage on his primary residence.  He was amortizing points over the life of the mortgage.  All remaining unamortized points were recognized in the year of refinance.  On the California State return, TurboTax entered a negative number in the Additions column of CA (540), zeroing out the Federal deduction on CA (540) line 8c Points not reported to you on Form 1098.  TurboTax allows you to replace the negative number with a zero.  However, it later flags it as an error.  To remove the error flag, go to Forms, scroll down to California Individual and then to Ded Home Mort.  In Part 1 - Home Mortgage Loan Information, go to Amortized Points allow. in 2018.  This number was incorrect so I right clicked it, selected Override, and then typed in the right number.  I also checked the No box for Points were reported to you on 1098?  This form also had an incorrect number for Home acquisition debt and grandfathered debt on date debt was last secured by home because it added the balance of the paid off loan to the new loan.  

1 Best answer

Accepted Solutions
Intuit Alumni

Points not reported on Form 1098 not carrying forward correctly to California CA (540)

1 Reply
Intuit Alumni

Points not reported on Form 1098 not carrying forward correctly to California CA (540)

Dynamic Ads
v
Privacy Settings