Question

Mortgage Interest with sold mortgage in 2024 not adding up

Forum|Forum|1 year ago
March 1, 2025
1 reply
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In 2024, I paid 6807.98 in 1098 box 1 interest with lender A before my loan was sold to Lender B. with Lender B, I paid 6727.31 in separate 1098 box interest. I believe I entered everything correctly because on the "Your Deduction and Credits Tab" it shows the total Mortgage Interest of $13,535. However, when I click "Done with Deductions," and it does the "Lets check your deductions and credits" it show the total Mortgage interest of only $6808. In 2023 I had 13K plus in mortgage interest, so it should be the 13535 number. Looking at the draft 1040 (schedule A) line 8a, it also shows the $6808 number.

Wish I could post screenshots of what I am seeing. How do I get help from TurboTax to correct the error?

Mortgage Interest

M

MonikaK1

If you did not refinance or take out an additional loan in 2024 but your original loan was sold to another lender and you have two Forms 1098:

When a loan is sold to another lender, it’s not the same as a refinance, but you’ll still need to enter each 1098 separately. Follow the steps below for this situation. If necessary, delete the Forms 1098 you already entered and enter them again using this process.

Enter the original (sold) loan first:

Sign in to TurboTax and select Pick up where you left off or Review/Edit under Deductions & Credits.
Select Show more next to Your Home and Start or Revisit next to Mortgage Interest and Refinancing (Form 1098).
Answer Did you pay any home loans in 2023? and Continue.
You can either sign in to your financial institution and import your 1098 forms, or select Change how I enter my form.
Next, you can either upload a digital copy or Type it in myself.
Continue through and be sure to enter this 1098 exactly as it appears.
Answer the questions, and when you get to the Let's see if this is the most recent form for this loan screen, answer No to Is the 1098 you're working on now the most recent for your loan?.
On the next Let's get some details about this loan screen, answer Yes to Is this the original loan you used to buy your property?
Select Continue to be taken back to the Your 1098 info so far screen.

Then enter the 1098 for the new loan:

On the Your 1098 info so far screen, select Add another 1098 and continue through to either import or enter your information manually.
Answer the questions accordingly and complete your 1098 info exactly as it appears on your form.
On the Let's see if this is the most recent form for this loan screen, answer Yes to Is the 1098 you're working on now the most recent for your loan?
On the next Let's get some details about this loan screen, answer Yes to Is this the original loan you used to buy your property? Even though the loan is with a new lender, it's still considered the original loan for this calculation.
When you're all done, you'll see both your forms on the Your 1098 info so far screen. You can Continue through to finish and file your return.