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May 8, 2021
Question

Why does turbo tax label 1098 box 1 as interest income instead of interest paid?

  • May 8, 2021
  • 1 reply
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1 reply

ColeenD3
May 8, 2021

.The form itself reads: 1 Mortgage interest received from payer(s)/borrower(s)  

 

The screen in the Online program reads:

 

Let's get the details from your 1098

 

Start here if you have multiple 1098's

Before you enter this 1098, you’ll need to combine some of the info from your forms if your loan amount is $750,000 or more, and, in 2020, you refinanced, sold your home and bought a new one, or your lender changed.

 

Box 1 - Mortgage interest

 

 

The interest amount I entered is different than what's on my 1098.