Question

Mortgage Interest Deduction limitation still NOT working

Forum|Forum|4 years ago
March 24, 2022
2 replies
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Despite more than 10 calls to TurboTax, the Mortgage Interest Deduction limitation still NOT working as of March 24, 2022. Briefly:

1. I was advised on February 19 that it would be fixed in a week

2. I was advised on Feb 26 to get my taxes done somewhere else.

3. I was advised on March 5 to return the Online version, get the Desktop version, OVERRIDE the incorrect values with the correct ones. All seemed good.

4. However, when I tried to file this week, it said I could NOT file electronically due to the OVERRIDE.

Please help TurboTax!!! I have used your products for 20+ years but your Customer Service has now seemed to disappear.

TurboTax Home & Biz Windows

DaveF1006

To clarify, let me know the details of your 1098's and your dilemma. I may have a solution.

@Drperoutka

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D

DrperoutkaAuthor

Thanks, Dave. My mortgage exceeds the limit for interest deduction. For the past few years since the new law went into effect, TurboTax was able to correctly calculate the allowable interest deduction. This year, despite providing the average mortgage balance and noting that the deduction is limited, TurboTax inserts and deducts the full (i.e., incorrect) unadjusted interest amount on Schedule A.

Overriding the value can be done, but then I am blocked from e-filing as a result on the override.

fanfare

Employee

enter the deductible interest based on your own calculation.

you don't need to override to do that.

See IRS Pub 936 for how do do it if you don't know already.

P

PattiF

Enter the deductible interest based on your own calculations in the Form 1098 entry section. There will be no override and you will be able to e-file.

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D

DrperoutkaAuthor

Thanks, Patti.

I was advised NOT to do that by a TurboTax Tax expert as that would cause the IRS to flag my return since I would be reporting incorrect 1098 information.