Turbo Tax is not accounting for Mortgage interest and is only

Jan 24, 2021 · Here is the workaround. Please click on the attached link: Home Mortgage interest being limited . For tax years prior to 2018, your mortgage interest deduction is generally limited …

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Morgage Interest Deduction Error In Turbo Tax 2023 : R/TurboTax

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Their worksheet disregards the original loan origination date/home purchase date and only gives you a deduction for interest paid on a maximum of $750k in principal. Prior to 2017, you can …

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Turbotax Not Handling 1098 Form And Mortgage Deduction

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~$1.5M outstanding balance, and purchased in 2022 (so subject to limitation on interest for only $750k of mortgage) MFJ Results. When I enter these details as married filing jointly, Turbotax …

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Question About How TurboTax Is Handling My Mortgage Interest

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In 2020, I have two 1098s in the amounts of $10k and $14k for a total of $24k. In TT, I have 2 Home Mortgage Interest worksheets that include $10k and $14k on line 2.b (mortgage interest …

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How TurboTax Might Be Messing Up Your Mortgage Interest

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Under federal law, your mortgage interest is fully deductible only for loans with a principal amount of up to $750,000 (for loans taken out after 2017; earlier loans have a higher cap). Anything …

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Solved: When I Enter My Mortgage Interest Into The Form (over …

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Feb 2, 2021 · This is for a first and only home, and the price is well under the $750,000 cap. Topics: TurboTax Premier Online; posted ‎February 2, 2021 1:12 PM. last ... This is an issue …

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FAQs about Turbo Tax is not accounting for Mortgage interest and is only Coupon?

Why is my mortgage interest limited with TurboTax?

it may be a mortgage limitation problem that is a known issue with Turbo Tax. Some TurboTax customers are experiencing an issue with their Home Mortgage Average Balance. This can cause in the the Home Mortgage Interest to be incorrectly limited. ...

Does TurboTax count mortgage interest?

TurboTax very clearly did not count the mortgage interest. The interest is fully deductible and has been in past years, so it is not the new tax law either. February 21, 2020 9:58 PM Yes, it's doing it incorrectly, because it isn't counting my mortgage interest in the calculation. ...

Does Turbo Tax include mortgage interest on schedule a?

Turbo Tax entered the interest correctly the first time I entered. When I returned to the program to check for errors, it then pointed out what were supposed to be but were not errors and once this was done, it would no longer include mortgage interest on the Schedule A. ...

Can I deduct mortgage interest on my taxes?

Please click on the attached link: For tax years prior to 2018, your mortgage interest deduction is generally limited if all mortgages used to buy, construct, or improve your first home (and second home if applicable) total more than $1 million ($500,000 if you use married filing separately status). ...

Does TurboTax pay for itself?

Pays for itself (TurboTax Premium, formerly Self-Employed): Estimates based on deductible business expenses calculated at the self-employment tax income rate (15.3%) for tax year 2022. Actual results will vary based on your tax situation. Fastest refund possible: Fastest tax refund with e-file and direct deposit; tax refund time frames will vary. ...

Can I TurboTax If I refinance my 1098?

So just to be clear, if you did refinance but the combined total of the original loan and the refinanced loan is less than 750k, then you can still TurboTax without issue. Correct? I'll answer it this way: if the total loan principal amount added up across all of your 1098s is less than 750k, TurboTax won't cause you any problems. ...