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February 9, 2021
Question

Deductible Home Mortgage Interest Wks: Your calculations could not be completed. Reference code: 7-532-468. Any idea what this is?

  • February 9, 2021
  • 1 reply
  • 0 views
This happened when I was doing the Federal Review part of the return.  When I hit continue it just takes me back to having to address the issue.

1 reply

February 9, 2021

Please provide details about the issue.  When we correct the issue you will pass review.  There are several Home Mortgage Interest areas to consider, especially if you refinanced.  Here is some general information.

 

If you had multiple Form 1098, Try this.

 

If there is a refi and there was an outstanding mortgage principal listed in both of them on Line 2 on the 1098. When you do put an outstanding balance in both forms, then the program adds them together and if that number is greater than $750k, then it puts you in the category to "limit interest". To get that to go away, you need to go back to the deductions section and click on "edit" mortgage interest statement. Change the line 2 of the mortgage that you no longer owe on (like the one that you refinanced and paid off) to a 0 (zero) because you have refinanced out of that loan and no longer have an "outstanding mortgage principal". Once you change one of them to zero (the one that was paid off by the refinance) then it should no longer pop up with that error at the end when you go to file. 

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