Skip to main content
February 26, 2025
Question

TurboTax isn't calculating the correct total Mortgage interest paid, between both of the Mortgage Loan Servicers in 2024. It's only using the total from the "most recent"

  • February 26, 2025
  • 1 reply
  • 0 views
No text available

    1 reply

    KrisD15
    February 26, 2025

    Please use these steps if entering two 1098's because the loan was transferred. 

    If there were no points paid, disregard making any entries for Points. 

     

    Enter the first (oldest) 1098 and indicated that it was secured by home 
    Select BOTH "new loan with points" and "bought or improved home in 2024"
    Enter points.       Disregard points if none were paid


    Select YES "This loan was paid off or refinanced with a different lender in 2024". 
    (NOTE; If you indicate NO to "paid off or refinanced", the program will add the mortgage balances)


    No, not most recent 1098
    "HELOC or refinance?" NO
    Yes, only used on this home
    The points and interest should be added and reported on Schedule A


    Enter the second 1098 
    Yes, secured by home
    Indicate that you bought or improved the home with this loan, but  DO NOT indicate that it was a NEW loan, DO NOT ENTER POINTS A SECOND TIME
    Yes, most recent 1098
    Neither HELOC nor refinance 
    Yes, only used on this home
    DONE


    All interest (and points if applicable) are reported as deductions on Schedule A
    I did get a "Let's Check These Entries" when I ran "Smart Check" where I had to indicate if either loan was a refinance. 
    I selected "Refinance NO"
    The full deduction remained on Schedule A
     

    **Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"