Interest deduction on Schedule A

Forum|Forum|5 years ago
February 22, 2021
3 replies
18 views

I created a tax file in Intuit Proseries Basic by transferring a TurboTax file to Intuit Proseries. The interest deduction in Proseries is wrong. For some reason, the interest payment is added twice, doubling the interest paid. Can anyone help me?

ProSeries Basic

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Just-Lisa-Now-

Intuit Community Champion

Open Sch B and fix it?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

T

TaxGuyAuthor

Level 2

No, I'm sorry. I am not dealing with interest income but a mortgage interest deduction. When I transferred a file from Turbotax to Intuit ProSeries basic, the interest listed on Form 1098 appeared twice. It appeared in the box for reported interest and also in the box for interest not reported on Form 1098. This is a software error that should be corrected by an update. I worked around this problem by deleting the unreported interest figure in the mortgage interest worksheet linked to Schedule A.

Just-Lisa-Now-

Intuit Community Champion

Im not sure if transfers from TT are high on the list of things to fix, anytime youre dealing with transfers from another software you really have to check the entries that transfer for errors like this.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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