Deductible Home Mortgage Interest Wks: Your calculations could not be completed. Reference code: 7-532-468

Forum|Forum|3 years ago
April 6, 2023
2 replies
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I Am getting this error message. It occurs when I enter a 2nd mortgage for my primary residence. If I remove the 2nd mortgage 1098, the error goes away. During the review, it gives me an option to review it,

Here's what our check found

1 detail for you to review

I click Review it, and it displays this error

Deductible Home Mortgage Interest Wks: Your calculations could not be completed. Reference code: 7-532-468

But doesn't take me to the form or anything. I have no idea how to fix it.

Mark

maw1122Author

I combined 2 1098s and that seemed to do the trick. I initially had 6 1098.

PatriciaV

Employee

Yes, you encountered the form limitation in TurboTax. The program doesn't support more than five (5) Forms 1098. As you discovered, you needed to combine at least two of those forms to continue. Good job!

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turtax0x01

How to combine multiple 1098?

Hall2010neka

I have more exactly 6- 1098 and I keep getting this error. Any suggestions how to get passed this error message. All 1098 belong to the same property it was just sold off and refinanced multiple times

AmyC

Employee

Since you have 6 forms for one property, you can just total the allowed deductible amount and enter it rather than all the forms The IRS looks at your schedule A total and compares it to all the forms. All the entries we ask for is to get the correct deductible amount through worksheets. The worksheets don't go to the IRS. If your house value is higher, the interest may be limited.

Another option is to enter the first and last form and just add the ones in between to those totals. The balance on the house wasn't changing to affect the allowable interest determination.

Reference: About Publication 936, Home Mortgage Interest Deduction: Home mortgage interest. You can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness. However, higher limitations ($1 million ($500,000 if married filing separately)) apply if you are deducting mortgage interest from indebtedness incurred before December 16, 2017.

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