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February 15, 2021
Question

I refinanced in 2020. TT shows the correct mortgage interest in summary but won't allow me use itemized deduction to deduct all interests. How to fix it? Online version

  • February 15, 2021
  • 1 reply
  • 0 views
Using TT Online Premier for 2020 return.

1 reply

JohnB5677
February 15, 2021

Some TurboTax customers are experiencing the following error message when running the Federal Error Check 

 

Check This Entry: Tax and Interest Deduction Worksheet: Limited Interest and Points must be entered

 

If you're experiencing  the error above,  please go here to receive email notifications when any updates related to this issue become available.

 

As a work around  you can consolidate the 1098's and get an accurate result.

  • Total all of the Box 1 Mortgage Interest received .
  • Use the entry in Box 2 Outstanding Mortgage Principal from the most recent mortgage.
  • Total all of the Boxes 3,4 & 5
  • Enter only the most recent mortgage points for Box 6.  (Any previous points will be deducted when those mortgages were closed.) 

 

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