14c Notes Deductions - Interest You Paid Federal section \ Deductions \ Enter Myself Click on Edit Interest and Points Paid button \ Itemized Deductions \ Mortgage Mortgage Interest Interest & Expenses \ Reported on Form 1098 Lender's Name Recipient/Lender's Name Enter Acme Mortgage as the lender's name for the mortgage on their principal & Address residence Box 1 Interest Paid The Hales paid mortgage interest related to the mortgage on their principal residence Enter $2,135 as the mortgage interest that can be claimed TSO transfers to Sch A Line 8a Box 6 Points Paid The Hales also paid points on the purchase of their principal residence Enter $565 as points paid TSO adds this to the amount on Sch A LIne 8a. Total is now $2,700 Click Continue and then Add a Schedule A Interest Lender's Name Recipient/Lender's Name Enter Acme Mortgage as the lender's name for their home equity line of credit & Address Box 1 Interest Enter $777 as the mortgage interest on their line of credit TSO adds this to the amount on Sch A Line 8a. Total is now $3,477 Federal section \ Deductions \ Enter Myself The deduction for Primary Mortgage Insurance (PMI) has currently expired. It \ Itemized Deductions \ Mortgage has not been extended as of this point. TSO still allows you to enter PMI in Interest & Expenses \ Primary Mortgage the Itemized Deductions section. However, it is not included in the Insurance (PMI) Deduction calculations Itemized Deductions on Compare Deductions screen are now $24,882 vs. a Standard Deduction of $26,600. The Hales will still use the standard deduction 1040 Line 8 will still be $26,600 14d Notes Deductions - Gifts to Charity Cash Gifts to Federal section \ Deductions \ Enter Myself Charity \ Itemized Deductions \ Gifts to Charity \ Cash Gifts to Charity
14c Notes Deductions - Interest You Paid Federal section \ Deductions \ Enter Myself \ Itemized Deductions \ Mortgage Interest & Expenses \ Mortgage Interest Reported on Form 1098 Click on Edit Interest and Points Paid button Lender's Name & Address Recipient/Lender's Name Enter Acme Mortgage as the lender's name for the mortgage on their principal residence Box 1 Interest Paid The Hales paid mortgage interest related to the mortgage on their principal residence Enter $2,135 as the mortgage interest that can be claimed TSO transfers to Sch A Line 8a Box 6 Points Paid The Hales also paid points on the purchase of their principal residence Enter $565 as points paid TSO adds this to the amount on Sch A LIne 8a. Total is now $2,700 Click Continue and then Add a Schedule A Interest Lender's Name & Address Recipient/Lender's Name Enter Acme Mortgage as the lender's name for their home equity line of credit Box 1 Interest Enter $777 as the mortgage interest on their line of credit TSO adds this to the amount on Sch A Line 8a. Total is now $3,477 Federal section \ Deductions \ Enter Myself \ Itemized Deductions \ Mortgage Interest & Expenses \ Primary Mortgage Insurance (PMI) Deduction The deduction for Primary Mortgage Insurance (PMI) has currently expired. It has not been extended as of this point. TSO still allows you to enter PMI in the Itemized Deductions section. However, it is not included in the calculations Itemized Deductions on Compare Deductions screen are now $24,882 vs. a Standard Deduction of $26,600. The Hales will still use the standard deduction 1040 Line 8 will still be $26,600 14d Notes Deductions - Gifts to Charity Cash Gifts to Charity Federal section \ Deductions \ Enter Myself \ Itemized Deductions \ Gifts to Charity \ Cash Gifts to Charity