Turbo Tax limited my interest deduction to $10,000.00 dollars; why?

If your mortgage interest was limited to $10,000 you should check your Form 1098 entries. The amount of deductible mortgage interest is reported each year by your mortgage company on Form 1098.

The IRS lets you deduct your mortgage interest, but only if you itemize deductions. Your mortgage deduction for your mortgage  interest can be found on line 10 of  your Form Schedule A.

The SALT deduction limits your property taxes that you can deduct to $10,000.  Maybe that is what you saw on your tax return? This will be seen on line 7 of your Form Schedule A.

If you refinanced your mortgage and used your loan for something besides paying off the existing loan, your deduction would be less.

You should go through your TurboTax screens to check your entries in case something was entered incorrectly that affected your mortgage interest  deduction. Also, review your Form Schedule A to make sure your entries are correct.

To get back to your mortgage interest screens in the TurboTax program, you can :

1.  Click on "Search" (magnifying glass) at the top right of your screen and 
2. Type "1098" in the search bar. ‌
3. Click on "Jump to 1098."  
4. This will allow you to review your entries for your mortgage interest from Form 1098.

Click here for Can I deduct state or local income tax on my federal return?

Click here for Deducting Mortgage Interest FAQs

Click here for Mortgage Interest Deduction: How Does it Work?

Click here for Video: Deducting Mortgage Interest and Property Tax.