Enter the total in TurboTax as Box 1 Mortgage interest. Grab a calculator and add together the box 1 amount from each form.Gather all of your 1098 forms related to your refinance (the form from your original lender and the form from your new lender).You’ll need both forms.įollow these steps to enter your mortgage information: If you refinanced last year, you’ll have a Form 1098 from your previous lender and one from the lender you refinanced with. We want to make sure we calculate this correctly for you. The limit is based on the loan amount and date of the origination of debt. Under tax law, you are limited on the amount of home interest you can deduct. If your total home debt is under $375,000 ($250,000 for married filing separate) there is nothing new for you to do in 2020. What do I do if I have multiple 1098s from refinancing my home debt? (In the case of a refinance, it's best to enter the 1098 from your original loan before the 1098 from your refinance.)īut, if they're both from the same lender, and one of them has the “Corrected” checkbox marked at the top, enter the corrected 1098 and discard or shred the other one. After going through the steps with the first one, you can add a lender when you get to the Mortgage deduction summary screen. If you have multiple 1098 mortgage forms, you’ll enter them one at a time.
How do I handle multiple 1098 mortgage forms? Please refer to the following when entering multiple 1098s:
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