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I've just found out -- unfortunately, by a client getting an audit letter -- that ProSeries professional does NOT automatically alert me when my client's mortgage interest deduction is limited because the balance of the mortgage exceeds $750,000. Even though, on the bottom of the Form 1098 Mortgage Interest Worksheet, there is a box entitled, "Home Mortgage Interest Limitation Smart Worksheet," it's NOT a smart worksheet. I had to go to Schedule A, click in the box below Line 8 on the "QuickZoom to Home Mortgage Interest Worksheet," and then fill in the information about my client's mortgage amount and interest paid by hand (thankfully, the worksheet does calculate the amount of deductible and nondeductible interest, and then send the deductible figure back to Schedule A). The ProSeries tech I spoke with said he'll be letting the programmers know, but I wanted to post this comment, in the hope that someone else won't miss it like I did.
Happy Ides of March!
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Those of us who do enough of these don't use this worksheet. We use our own Excel (Lotus123, Visicalc, whatever) worksheet as the P.S. form is very poor in it's computation and presentation. but you answered your own statement - don't rely on the software. As the tax preparer you need to review and make sure the numbers are correct. Intuit likes to hire middle school kids to program their software.
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Yup, all on me. But LOL on your line about middle school programmers!
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I agree. The program should alert the preparer directly as a result from the input on the 1098 mortgage worksheets. If the preparer marks the sheet as primary or secondary residence the program should automatically calculate the allowed deduction based on the input. It’s definitely a flaw in the program. Please update the 1098 worksheets and do away with the limit worksheets that aren’t readily visible to the user. The program should at the very least alert the user they are over the allowed limit.
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I was in your shoes for a 2022 client, and I missed it, too. IRS caught it for me so I could do it right for 2023.
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But I don't use the 1098. I've seen too many duplications of mortgage interest and RE taxes, input on the 1098 AND Sch A itself.
