Tell us why your 1098 is different

[user17690127254]

I entered the information from my 1098 but it is asking me to explain why it is different amount?

"Tell us why your 1098 is different

Since the 1098 from Pennymac Loan Services, LLC shows a different amount than the actual amount you paid, we'll need a little more information. Learn More"

Why am I getting this error message?

[DaveF1006]

Yes, this is a common error when there are two 1098's issued for the same mortgage. When these are entered separately, the principles are combined. When this happens, the $750K mortgage limitation amount is exceeded, thus your mortgage interest is reduced.

A best practice is to combine the mortgage statements into one. Here are the steps.

1. Add the Interest (Box 1) from both forms together.
2. Add the property taxes (Box 10) together.
3. Use the highest Outstanding Principal (Box 2) reported between the two.
4. Enter this as a single "consolidated" 1098 from PennyMac. This prevents the software from thinking you have two different mortgages