Tax Prep Where does box 1 of Mortage Interest Statement from Form 1098 go on Schedule...

Tax Prep

Where does box 1 of Mortage Interest Statement from Form 1098 go on Schedule A? I can only find a place for Real Estate Taxes (Box 11) on the tax software

Expert Solution

To enter the mortgage interest through Online TurboTax or with Desktop, please follow the following steps:

- In your tax return, type "mortgage interest" in search box on blue dashboard.

- secondly, click on mortgage interest (in blue)

- On the "Mortgage deduction summary" screen, click Add a lender.

- Enter the lender information and on the "Let's get the details from your bank 1098 now" screen, enter your foreign amount paid for mortgage interest in Box 1.

(TurboTax has no separate screen to enter the mortgage interest not reported on a Form 1098).

Box 1 contains the information of numbers, most people care about. This box reports the amount of mortgage interest paid to the lender. Mortgage interest that was prepaid may also be included in this box. If all the interest paid on the mortgage is eligible to be deducted, the amount in Box 1 would be entered on Schedule A. Since it must go on Schedule A, that means you have to itemize deductions if you want to deduct mortgage interest.

Report the amounts input in Box 1 of your From 1098 on line 10 of Form 1040 Schedule A. Box 1 shows the amount of mortgage interest you paid on your loan during the year.

ekkarill92 answered 1 year ago

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