Back to Blog
Turbotax deluxe 20206/18/2023 You are receiving this email because you signed up on a TurboTax support article regarding “Why is my home mortgage interest being limited?” Will try the new updates this weekend and see if it is resolved. Anyone encounter this before or know how to solve it? But it keeps forcing me to the standard deduction because it thinks I have > $1M in mortgages. I've deleted and re-entered the 1098's multiple times, trying different options along the way to get things to work. The software does not let me edit the worksheet so that the box is checked no. I've tried going to the “Tax & Int Wks”, scrolling down to “Mortgage Interest Limited Smart Worksheet” and the “Does your mortgage interest need to be limited:” is set to yes. ![]() If I delete the separate 1098 entries in TT and just enter the sum of both as a single entry in TT, the system correctly lets me deduct all the interest. It appears the software is adding the mortgage balances from the 1098's together (making it look like I have more than $1M of outstanding mortgages), and therefore limiting the amount of interest I can deduct. It says it's limited and I can only take the standard deduction. When I enter each 1098 individually, the software does not deduct my interest. I refinanced my mortgage a couple times in 2020 so I have more than one 1098. I'm using the desktop version of Turbo Tax Deluxe 2020. Hi everyone, I'm hoping someone else has encountered this problem and can help me figure out to resolve it.
0 Comments
Read More
Leave a Reply. |