Mortgage/1098

Forum|Forum|5 years ago
March 20, 2021
1 reply
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Hello, TurboTax

Let's get the details from your 1098 mortgage, the instructions say to add the amounts/boxes together if you have 2 1098 forms but then it asks to 'check this box if different from your 1098'? This is so confusing can't I just put in my 2 1098's separately?

https://ttlc.intuit.com/community/homeowner-tax-credits-and-deductions/help/how-does-refinancing-a-home-affect-my-taxes/00/1729215

Thank you,

Teresa M.

Not A Product Question

JamesG1

Perhaps this will be helpful.

In TurboTax Online Deluxe, I was able to enter a home loan on an IRS form 1098 and the second IRS form 1098 for the refinanced loan. For the refinanced loan, I used the balance of the loan at the time of loan pay-off.

I was given the full mortgage interest deduction and the Home Mortgage Interest Limitation Worksheet did not add the two mortgage balances together.

The entries were made at Federal / Deductions & Credits / Mortgage Interest (Form 1098).

Entries for the original loan

Do any of these uncommon situations, I entered None of these apply.

Did you pay points, I entered I’ve already deducted.

Was this loan paid off or refinanced, I entered Yes.

Is this loan a home equity, I entered No, this is the original loan.

Entries for the second loan

Do any of these uncommon situations, I entered None of these apply.

Did you pay points, I entered I didn’t pay points.

Was this loan paid off or refinanced, I entered No.

Is this loan a home equity, I entered Yes, this is a loan I’ve refinanced.