2018 mortgage interest adjustment - Intuit Turbo Real Money Talk

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Intuit

2018 mortgage interest adjustment

If you used TurboTax to prepare your return prior to February 16, you weren't able to enter the information needed to limit your mortgage interest deduction. As a result, you may have underpaid your federal and state income tax.

We fixed the issue in TurboTax and want to make sure you have the information to determine if your return is complete and accurate. We apologize for any inconvenience this may cause you.

If your mortgage meets either of the following conditions, we suggest you amend your federal and state income tax returns to report the correct mortgage interest deduction and pay any additional tax due as soon as possible:

  • You have loans that started on or before December 15, 2017, and they:
    • Total more than $1 million ($500,000 if Married Filing Separately), or
    • Total more than the fair market value of your homes, or
  • You have loans that started after December 15, 2017, and they:
    • Total more than $750,000 ($375,000 if Married Filing Separately), or
    • Total more than the fair market value of your homes

You can amend your tax return yourself by following these step-by-step instructions.

We’re here to help if you have questions or need assistance. Call us at 1-877-216-2138 (Monday through Friday, 5 a.m. to 5 p.m. Pacific Time) to reach a tax expert who is prepared to assist you with this issue. Tell the expert you’re calling about 2018 Mortgage Interest Adjustment. 

If you have an additional balance due based on these changes, print, sign, and mail the amended returns along with payment due to the address located on the TurboTax Amended Return Filing Instructions.

Remember to keep a copy of your amended returns for your records.

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