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hdoneill
New Member

I refinanced in 2016 and not sure if I should combine the 2 separate 1098s I received

don't  see where to put two separate 1098s
1 Best answer

Accepted Solutions
KarenL2
Level 5

I refinanced in 2016 and not sure if I should combine the 2 separate 1098s I received

You will include both of them because a refinance creates a new loan, but don't combine them.  There will be a link to Add a Lender after you have fully completed entering the first Form 1098.

When you enter the new mortgage interest, the software will ask you questions about the new loan and you will be able to select that it was a refinance.  Here's where to go:

  • Federal Taxes tab (Personal in the Home and Business Version)
  • Deductions and Credits
  • Your Home
  • Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)

You can deduct any interest or real estate taxes on your Settlement Statement that are not already included on your Form 1098. Only pro-rated amounts can be deducted, not prepaid amounts held for escrow.

Also, you can deduct qualified points paid on a mortgage, but they have to be spread out over the term of the loan. The software will prompt you to select that.  (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

What kinds of refinancing costs can I deduct? 

https://ttlc.intuit.com/replies/3300426

View solution in original post

1 Reply
KarenL2
Level 5

I refinanced in 2016 and not sure if I should combine the 2 separate 1098s I received

You will include both of them because a refinance creates a new loan, but don't combine them.  There will be a link to Add a Lender after you have fully completed entering the first Form 1098.

When you enter the new mortgage interest, the software will ask you questions about the new loan and you will be able to select that it was a refinance.  Here's where to go:

  • Federal Taxes tab (Personal in the Home and Business Version)
  • Deductions and Credits
  • Your Home
  • Mortgage Interest and Refinancing (select Add a Lender if you have already entered one)

You can deduct any interest or real estate taxes on your Settlement Statement that are not already included on your Form 1098. Only pro-rated amounts can be deducted, not prepaid amounts held for escrow.

Also, you can deduct qualified points paid on a mortgage, but they have to be spread out over the term of the loan. The software will prompt you to select that.  (Points can also be called loan origination fees, maximum loan charges, discount points, or loan discount.)

What kinds of refinancing costs can I deduct? 

https://ttlc.intuit.com/replies/3300426

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