Mortgage Interest Deduction - Limitation

[sptaxes]

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. 

[Just-Lisa-Now- · Accepted solution]

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.

[dascpa]

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.

[Sammy from Motown]

After X years, ProSeries should/could come up with program to calculate excess mortgages in excess of $750K

[Terry53029]

I have used the worksheet, and works for me. Did calculate by hand early on, but have not double checked for a couple of years. after reading this post went back and checked a client that uses schedule A, and it worked correctly for the 2023 program for my client. 

[TaxGuyBill]

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@Sammy from Motown wrote:

After X years, ProSeries should/could come up with program to calculate excess mortgages in excess of $750K

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As far as I know, it does.  But it isn't on the 1098 worksheet; it is a separate worksheet accessed from Schedule A.