Turbo Tax asked me what my mortgage balance was on Jan 1, 2025 and I entered in the wrong value. How can I correct this?

An entry for your mortgage balance as of January 1, 2025 shouldn’t be necessary to file your 2024 return.

If you’re asking how to change your entry for box 2 of Form 1098, which reports your outstanding mortgage principal on January 1, 2024, you have two options if you're in TurboTax Online.  You can enter Form 1098 in the search box in the program and follow the prompts, or follow the steps below:

1. Select Tax Home in the left pane
2. On the Hi, let's keep working on your taxes! screen, select the dropdown to the right of Deductions & Credits
3. Select Pick up where you left 
4. On the Your tax breaks page, scroll down and select the dropdown to the right of Mortgage Interest
5. On the Your 1098 Summary page, select Edit
6. Proceed through the screens until you reach the Let’s get the details from your 1098 screen
7. Edit your correct January 1, 2024, balance in Box 2, Outstanding mortgage principal

If you’re using the desktop version of TurboTax, with TurboTax open:

1. Select the FEDERAL TAXES tab at the top
2. Select Deductions & Credits
3. On the How do you want to enter your deductions and credits? screen, select I’ll choose what I work on
4. Select Update to the right of Mortgage Interest, Points, Refinancing and Insurance
5. On the Home loan deduction summary screen, select Edit to the right of your mortgage lender
6. Proceed through the screens until you reach the Let’s get the details from your [lender’s] 1098 screen
7. Edit your correct January 1, 2024, balance in Box 2, Outstanding mortgage principal