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How do I handle multiple 1098 mortgage forms?

SOLVEDby TurboTax668Updated April 15, 2022

If you have multiple 1098 mortgage forms from refinancing or your lender selling the loan, you’ll enter them one at a time.

After going through the steps with the first one, you can add a lender when you get to the Mortgage deduction summary screen.

But, if they're both from the same lender, and one of them has the “Corrected” checkbox marked at the top, enter the corrected 1098 and discard or shred the other one.

Enter the original loan first

  1. Sign in to TurboTax and select Pick up where you left off or Review/Edit under Deductions & Credits.
  2. Select Show more next to Your Home and Start or Revisit next to Mortgage Interest and Refinancing (Form 1098).
  3. Answer Did you pay any home loans in 2021? and Continue.
  4. You can either sign in to your financial instution and import your 1098 forms, or select Change how I enter my form.
  5. Next, you can either upload a digital copy or Type it in myself.
  6. Continue through and be sure to enter this 1098 exactly as it appears.
  7. Answer the questions, and when you get to the Let's see if this is the most recent form for this loan screen, answer No to Is the 1098 you're working on now the most recent for your loan?.
  8. On the next Let's get some details about this loan screen, answer whether or not this is the original loan used to purchase your home.
    • If it was, answer Yes.
    • If you've previously refinanced and this wasn't the original loan, answer No, and we'll ask you a few more questions.
  9. When you're done, you'll be taken back to the Your 1098 info so far screen.

Then enter the 1098 for the new loan

  1. On the Your 1098 info so far screen, select Add another 1098 and continue through to either import or enter your information manually.
  2. Answer the questions accordingly and complete your 1098 info exactly as it appears on your form.
  3. On the Let's see if this is the most recent form for this loan screen, answer Yes to Is the 1098 you're working on now the most recent for your loan? This lets us know that we have the most recent loan balance to use for your deduction.
  4. Next, answer the questions about this loan on the Let's get some details about this loan screen.
  5. Since this is a refinance, answer No to Is this the original loan you used to buy your property? and continue answering the questions.
  6. When you're all done, you'll see both your forms on the Your 1098 info so far screen. You can Continue through to finish and file your return.

When a loan is sold to another lender, it’s not the same as a refinance, but you’ll still need to enter each 1098 separately.

Enter the original (sold) loan first

  1. Sign in to TurboTax and select Pick up where you left off or Review/Edit under Deductions & Credits.
  2. Select Show more next to Your Home and Start or Revisit next to Mortgage Interest and Refinancing (Form 1098).
  3. Answer Did you pay any home loans in 2021? and Continue.
  4. You can either sign in to your financial instution and import your 1098 forms, or select Change how I enter my form.
  5. Next, you can either upload a digital copy or Type it in myself.
  6. Continue through and be sure to enter this 1098 exactly as it appears.
  7. Answer the questions, and when you get to the Let's see if this is the most recent form for this loan screen, answer No to Is the 1098 you're working on now the most recent for your loan?.
  8. On the next Let's get some details about this loan screen, answer Yes to Is this the original loan you used to buy your property?
  9. Select Continue to be taken back to the Your 1098 info so far screen.

Then enter the 1098 for the new loan

  1. On the Your 1098 info so far screen, select Add another 1098 and continue through to either import or enter your information manually.
  2. Answer the questions accordingly and complete your 1098 info exactly as it appears on your form.
  3. On the Let's see if this is the most recent form for this loan screen, answer Yes to Is the 1098 you're working on now the most recent for your loan?
  4. On the next Let's get some details about this loan screen, answer Yes to Is this the original loan you used to buy your property? Even though the loan is with a new lender, it's still considered the original loan for this calculation. 
  5. When you're all done, you'll see both your forms on the Your 1098 info so far screen. You can Continue through to finish and file your return.

If you paid points when you obtained the loan, no matter if it's the original loan or a refinance, you can get a deduction. Generally, this deduction is taken over the life of your loan. But, when you get a new loan, the points you are amortizing from the old loan can be deducted in full. You can also begin amortizing any new points you paid when you refinanced.

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