Worksheet Problem

Forum|Forum|4 years ago
February 6, 2022
1 reply
1 view

The Home Mortgage Interest Worksheet wants a "beginning balance" but won't accept input. Other lines like payoff date, etc... all seem to work just fine. I found a question about this suggesting going into properties and changing a setting, but it did not solve the problem. This flaw shouldn't exist, but I will submit my return without the information if necessary. Any simple solution?

RaifH

Level 10

The Beginning Balance on the Home Mortgage Interest Worksheet matches the amount of Outstanding Mortgage Principal reported on Box 3 of the worksheet (which is Box 2 on Form 1098). If you change the Line 3 amount, it should also change the Beginning Balance used to make the calculations.

RGS52Author

Level 2

Curious why this worksheet was even a factor in doing my tax. I have done my own taxes for 50+ years, and never have I seen this come up before. The only thing different about this year, is that I paid off my mortgage, and only paid $414 in interest for the year. Did that somehow trigger this requirement?

RaifH

Level 10

I think indicating to TurboTax that your loan was paid off this year triggered the worksheet since that is usually a refinance or a sale and a purchase of a new home. The worksheet is only needed in case of multiple 1098s or the outstanding mortgage principal exceeds the limit.