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Ambilobe
Returning Member

Turbotax is not limiting my mortgage interest automatically?

I am trying to enter my mortgage information from my 1098 form.

I entered all the information, I get to the screen "Your Mortgage interest is being limited."

The calculation on the left, 1098 interest "our calculation" is correct.

I make no adjustments on that page, and when I continue, it still enters the total Interest I paid. 

Will this be adjusted in the forms section? and if so what form can I confirm that? The Schedule D has my paid interest as the total amount I paid on the 1098, not the reduced amount.

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1 Reply
AmyC
Expert Alumni

Turbotax is not limiting my mortgage interest automatically?

Follow these steps to check your mortgage interest calculation.

  1. Mortgage interest has a worksheet for each 1098. 
  2. You will need to view your forms.
    • In desktop, switch to Forms Mode. 
    • For online:
      1. On the left side, select  Tax Tools
      2. Select Print center
      3. Select Print, save or preview this year's return
      4. If you have not paid, select pay now.
  3. Locate the Home Int Wkst
  4. Scroll down to the Smart Worksheet and see which numbers you entered where on the screen. 

 

For this example, I entered that I had a refinance of $500,000 but only $480,000 was for the house.

 

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