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Level 2

No Outstanding Mortgage Principal on 1098 Form

My 1098 form for a mortgage on question #2 "No Outstanding Mortgage Principal as of 1/1/2018" is blank.  In TurboTax it will not let me go past that screen without putting in a number.  Is this an error in TurboTax or did the lender make an error?  The lender assumed the load mid year so I'm sure that is why they left the 1/1/2018 question blank because they didn't have the loan on that date.  I'm not sure how to get past this screen in TurboTax.

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Level 20

No Outstanding Mortgage Principal on 1098 Form

If the loan was transferred to another bank or lender mid-year, then you should have two 1098's. The one from the old lender should show the 1/1/2018 balance, while the one from the new lender will show the 12/31/2018 balance. The 1/1/2018 balance is absolutely required.

Hopefully you can log on to your mortgage account online to see the payment and balance history and see what the balance was "before" you made that 1/1/2018 payment. All of your payment history "should" have carried over to the new lender since they just assumed an existing loan and you didn't refinance or anything like that.

 

Level 20

No Outstanding Mortgage Principal on 1098 Form

You should be able to enter a zero in that field since you did not have any balance at the beginning of the year.