Where should I enter the "Prepaid Interest" that appears in my closing statement of my condo purchase? TT asks me for points, but it does not ask for "Prepaid Interest"

Forum|Forum|5 years ago
March 8, 2021
2 replies
0 views

The prepaid interest and points are in my closing statement when I bought the condo in 2020. TT asks only about the points.

TurboTax Premier Online

KrisD15

The pre-paid interest will be on the Form 1098 the Lender sends you.

You do not claim it a second time from the closing statement.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

maheshvasnAuthor

It looks like the lender hasn't included the prepaid interest. When I add up all the interests I paid, it does not match up with what 1098 shows.
Also, I saw another related post relating to the same question
https://ttlc.intuit.com/community/college-education/discussion/where-do-i-put-the-prepaid-interest-charges-on-my-closing-documents-if-they-were-not-added-to-the/00/432957

JohnB5677

Prepaid interest (commonly referred to as points) is deductible when you enter your 1098.

If it is included on your 1098 it will be in Box 6. If it doesn't show there you can add it from your closing statement.

Points are typically amortized over the life of the loan. So they will be allocated in small amounts for multiple years. There will be interview questions that will lead you through the process.

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

Critter-3

The prepaid interest on the closing statement is included in the total interest paid on the mortgage statement form 1098 issued in January so it is NOT added again anywhere else on the return.