Home Mortgage Interest Worksheet: Amount borrowed this year must be entered

Forum|Forum|5 years ago
February 2, 2021
2 replies
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I refinanced my home mortgage in June 2020 to take advantage of lower interest rates, and also added on more money to that loan for a home improvement project.

I received 2 separate 1098s from my bank: one was for my original loan, and the 2nd one was for my new loan, which closed out my original loan and gave me the cash for the home improvement project.

The 2nd 1098 has a blank field for the item #2 – Outstanding mortgage principal. I left this field blank when entering the 1098 into TurboTax.

Now I can't file my taxes because TurboTax gives me an error message saying, "Home Mortgage Interest Worksheet (Bank Name): Amount borrowed this year must be entered"

What's my recourse here? Is this a TurboTax bug or do I need to go back to my bank and ask them to issue a new 1098, or should I enter the refinanced loan amount from June 2020?

J

jc_penny

Employee

I use Windows, TT Premier, not sure what you use...

IMO...

Reporting the balance due on a mortgage is new and has no affect on your taxes whether its the original or a ReFi, yet. I suspect it's a cross-check to see if you are claiming PMI that's not required. Unless the programmers have a different answer, a simple 1 instead of 0 should satisfy the program.

Also, the IRS form that is loaded on is a "keep for your records" form.

Further, if you take the standard deduction it's moot anyway.

Good luck!

B

benglim

I also need help on "amount borrowed this year must be entered" I followed the step by step question but still couldn't fill in the f4 line. please help

thanks

M

MichelleLO

Where in the program are you entering this?

@benglim

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WendyN2

No, you do not need your bank to reissue your 1098. Please follow the very well-put instructions above and you should be all set. Thank you, jc_penny!!