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It looks like there is a bug in the way TT calculates Mortgage Interest deduction. I refinanced in the middle of the year and TT takes only half of the interest

Forum|Forum|5 years ago
February 6, 2021
2 replies
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1st mortgage interest is 13,641.95 and the second is 13,085.85 and calculated interest is $13,722. In explanation How did you calculate my $13,722 of mortgage interest and points? I got the answer:
your $13,722 of mortgage interest and points is the same as HP3L12 because true.
???

TurboTax Self Employed Online

Best answer by ee-ea

See this info

https://ttlc.intuit.com/community/tax-topics/help/why-is-my-home-mortgage-interest-being-limited/00/1863516

E

ee-eaAnswer

Employee

See this info

https://ttlc.intuit.com/community/tax-topics/help/why-is-my-home-mortgage-interest-being-limited/00/1863516

D

dhenryjones

Hello

Did this solve your issue ?

K

kstawAuthor

No I did not. There are some workarounds, but TurboTax did not solve what looks like an obvious bug. Please check this topic: https://ttlc.intuit.com/community/tax-credits-deductions/discussion/bug-with-refinance-on-a-large-mortgage/00/1820267/page/9

There are few workarounds there including combining your forms into one.

J

JamesG1

Some TurboTax customers are experiencing an issue with their home mortgage average balance. This can cause the home mortgage interest to be incorrectly limited. This may be affecting your tax return.

Please sign up for email notifications when an update related to this issue is available.

See this TurboTax Help.

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