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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Mortgage Interest Limitation on CA Taxes
Mortgage Interest Limitation on CA Taxes
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Mesiasp
Level 2
02-26-2023
12:05 AM
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Why can't ProSeries come out with automatic Adjustment on Mortgage Interest for California Taxes since the Federal Worksheet computed the Federal limit and data are already available. Federal limit is up to $750,000 loan while CA allows up to $1,000,000. Taxpayer has over 1 million loan and therefore will get higher deduction for interest on the CA Taxes. As it is now, you will have to manually figure out and input the deductible interest in the CA Adjustment schedule.
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sharol
Level 3
05-01-2023
02:25 PM
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It looks like CA has a mortgage interest worksheet but the adjustment is not showing up on Sch CA. Did you override it?
