Author Topic: TurboTax Mortgage Refinance Bug  (Read 671 times)

mjs111

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TurboTax Mortgage Refinance Bug
« on: February 08, 2021, 11:35:02 AM »
Many of you may have refinanced your mortgage this year and many of you may use TurboTax. There's a bug in TurboTax where if you enter multiple 1098's for the same property (which is what you'd get with a refinance), it will sum the outstanding mortgage principal from the two 1098's vs. taking the average. Due to the caps on mortgage interest deductions based on principal amount, this could result in you unknowingly paying thousands of dollars more in taxes than you're legally obligated to. There's a multi-page thread at Intuit going over this bug. Possibly Intuit will have a fix soon, possibly not. There are multiple hacks you can do to get the numbers to foot correctly, which is gone over in this thread: 

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/re-i-refinanced-and-have-two-1098-forms/01/1884097?fbclid=IwAR2U_xYTAfurWY8qeuBoTu9bsbmBePv0fsdvnj46XA69HmLhEgyYWDxfiBQ#M177560

Mike

 

Wow, a phone plan for fifteen bucks!