Home mortgage interest - Two 1098s forms from same lender

[Pathy]

Hello,

I have two 1098 forms from Quicken loans after refinancing my mortgage in 2020.  I entered both in chronological order (Box 1, $19,545 and $3,870 respectively).

In my 2020 Deductions and Credits summary page, the total Mortgage Interest shows up correctly as $23,415.

However, on Schedule A, Line 8a the Home Mortgage Interest reported to you on Form 1098 shows as $12,078 ????
Where did this number come out of the blue?
I deleted and reentered the 1098 forms but this does not seem to change.

[RayW7]

If the loan was refinanced or moved to a different lender in 2020 and you have two 1098's to enter:

First, delete both 1098's if you started to enter them. Do NOT try to edit them.

Enter the older loan first, enter box 2 as it is reported, 

THERE WILL BE A SCREEN ASKING "WAS THIS LOAN PAID OFF OR SOLD IN 2019?"  CLICK "YES" 

(this screen will not appear if you go back and edit)

Continue through the interview

Next, enter the second 1098

If box 2 is blank, enter zero, otherwise enter what is in box 2. DO NOT LEAVE IT BLANK

Continue through the interview questions. Do not select that it is a HELC. 

Since you clicked that the first 1098 was paid off or refinanced with a different lender, the mortgage balances (box 2) will not be added together. 

[Pathy]

I deleted both 1098s.  I re-entered them using the Forms mode (not Easy Step).

I will redo it the way you suggest and report back.

Thanks!

[Pathy]

RayW7
Firstly, both 1098s are from the same lender.

I deleted both 1098s and the Home Ins Worksheets, saved the file and quit Turbotax.

I then restarted TT and in Easy Step mode I started entering details of the first 1098.

I entered Box 1 and Box 2 but was never presented with the screen asking "WAS THIS LOAN PAID OFF OR SOLD IN 2019?" 
I entered the remaining boxes and did this a second time for the second 1098.
Exactly the same results as before.  2020 Deductions and Credits summary showed the correct total amount for Mortgage Interest paid.
I switched to Forms mode.  This time there were NO 1098 forms but there were two Home Mortgage Interest Worksheets.  Once again, Sch A Line 8a showed the mysterious number $12,078!

Pathy

I am right back where I was before with Sch A Line 8a showing the mysterious amount of $12,078!

[DMarkM1 · Accepted solution]

If the both the loans are secured by the same home (it appears so), try combining the forms into one loan entry.  Using the instructions in this link. Combine the boxes 1 and boxes 5 amounts and the property taxes paid and then use the original loan form to enter the other box information.  

[Pathy]

Yes, I combined both forms and that works.  Thanks.

[mecastl99]

I have two homes each financed by the same mortgage company. How do I entered the separate 1098-int in TT.

[JotikaT2]

Do you have 1098 forms for mortgage interest or do you have 1099-INT for interest income issued by the mortgage lender?

Depending upon your answer, the input will vary.

If you are trying to enter your 1098 information for mortgage interest paid on a home loan, please see the links below for guidance.

Steps to enter your 1098 mortgage interest paid

Entering multiple 1098 Forms when you refinance your loan

You will enter this information for both homes.

In regards to any possible interest income, you will enter any 1099-INT as follows: 

1. Select Income & Expenses under the Federal Tab 
2. Scroll down to All income
3. Select Interest on 1099-INT
4. Proceed to enter your information as reported on your tax forms.

@mecastl99