Mortgage Interest Deduction - Limitation

Forum|Forum|2 years ago
January 31, 2024
2 replies
18 views

If entering mortgage info on 1098 worksheet, does ProSeries calculate the correct mortgage interest deduction for mortgages over $750,000 (MFJ)? It does not appear that it limits this deduction. Unless I am missing something.

This topic has been closed for replies.

Best answer by Just-Lisa-Now-

I couldn't ever make that worksheet function properly, Ive always done the calculation by hand and plugged the correct amount in on Sch A.

Just-Lisa-Now-

Answer

Intuit Community Champion

I couldn't ever make that worksheet function properly, Ive always done the calculation by hand and plugged the correct amount in on Sch A.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

dascpa

Level 11

I agree. I just don't do it by hand. Excel is my friend. Also, I have a worksheet for refi's since an increase unrelated to improvements is not deductible interest.