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Anonymous
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Refund much higher than expected and suspected error found in Mortgage Interest deduction

My refund is coming in much higher than typical and in looking closer TT is entering in an inflated amount for my Schedule A line 8a Mortgage Interest paid amount.  It is entering in an amount $8,000 higher than the amount I entered in on my 1098.  I also rent a few rooms in my home and have an amount already listed on my Schedule E line 12.  TT SmartCheck did not find any errors with their calculations.  It appears as though I will need to manually alter the forms since I am pretty sure I am not supposed to receive a deduction that is higher than the amount I paid to the bank and reentering all of my info into TT has not fixed the problem.  I need direction on what I should be entering into Schedule A line 8a to make sure I do this correctly.  Can you help please?

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1 Reply
RobertB4444
Expert Alumni

Refund much higher than expected and suspected error found in Mortgage Interest deduction

It sounds as though there may be an error with the import of the forms or with the entry into the rental house for the mortgage interest there.  I would start by deleting the mortgage interest forms that you already have entered and then go back and re-enter them (clicking on the 'type it in myself' prompt) and see if that solves the problem.  While doing so make sure that the 1098 for the rent house is being entered in the rental real estate section and not in the section for mortgage interest deductions.

 

@Anonymous 

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