Question

Mortgage Interest Keeps resetting about limits

Forum|Forum|6 years ago
April 12, 2020
1 reply
0 views

After I complete the mortgage and interest information, it asks "You may need to limit the deductible mortgage interest on your home acquisition debt..."

I select that "No, none of these situations apply" (which is correct), and my taxes go down. However, when I click continue, it resets to Yes, and my taxes go back up.

Please help me fix this b/c it is wrong.

J

JotikaT2

Try the following:

If you are working in the Desktop version, you can try the following as provided by jmcglass.

Click on the View link on the top menu bar
Click on Forms
Locate and click on 'Tax & Int Wks' on the left-hand side of the screen (under Forms in My Return)
On the form, scroll down to the 'Mortgage Interest Limited Smart Worksheet'
Click on the 'No' box, to the right of the question 'Does your mortgage interest need to be limited.'

If you are working in the online version, please go back to deductions and credits and mortgage interest.

Click through until you get to a screen that says "Do any of these situations apply to you?  Mark yes on the next screen, take out the zero, click back and choose "No".

Mortgage interest deductions