Outstanding Mortgage Principal

Forum|Forum|4 years ago
March 23, 2022
1 reply
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We paid off our home loan in 2021 so our "Outstanding Mortgage Principal" is $0 Turbotax rejects this entry after filling out the 1098 data. What to do? Thanks.

Best answer by AmyC

The program wants your balance Jan 1, 2021 rather than Dec 31. Once you enter a number, the program will work to determine your allowed mortgage interest. No balance indicates no mortgage interest.

AmyCAnswer

The program wants your balance Jan 1, 2021 rather than Dec 31. Once you enter a number, the program will work to determine your allowed mortgage interest. No balance indicates no mortgage interest.

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wwatters6871

I paid off my mortgage in 2020. I still have a line of credit and received a Form 1098 with interest reported on line 1. Turbo Tax is asking for an amount to be entered in line 2, even though the 1098 is showing $0.

wwatters6871

And, to further clarify, my line of credit balance also happened to be $0 on 1/1/2021. I subsequently drew on the line and paid interest during the 2021 calendar year.