Home Mortage Interest Worksheet "Borrowed Amount" Field Error

Forum|Forum|4 years ago
February 23, 2022
2 replies
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The 1098 form that I received for a recent property purchase in Dec-2021 only includes information for mortgage origination date and points paid on purchase. I entered this information in the 'Home' section of the deductions and credits, but when I do the smart check I am receiving an error message for "Amount borrowed this year must be entered".

When I attempt to enter the amount on the line that is shown on the screen I am unable to click or type in any information, and when I go back to the "Home" section there is not a area to fill in this information. My 1098 form does not have a value for the Outstanding Mortgage Principal, so I am not sure how to proceed as this error keeps displaying on the check.

Is this a common issue? If so is there a fix that is pending or do I need to enter the loan amount somewhere else?

Any help is appreciated.

AmyC

Please return to the Federal Deductions and Credits section. You will need to go back to the offending 1098 form and edit that entry. The program needs a number. It is adding the mortgage information to see if you hit the $750,000 mark to limit your interest deduction. If you have no worries, enter the correct amount. If it could put you over, enter $1. The 1098 should be on a first or second home only.

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CBR224Author

Hi Amy,

Thank you for the quick reply.

Do I put this amount in the Outstanding Mortgage box when I edit the 1098 entry?

jfrisina

Hello, I have the same question and can't see where to go to fix this. I've entered the 1098 information exactly as shown.

pathik

Hello @CBR224 ; @AmyC

I have exact same situation as mentioned here, purchased home in Dec 2021, and my 1098 form which I received from my vendor also shows Box 2 blank. Is that correct to do so if I enter my loan amount in "outstanding mortgage principle" to solve this issue?