Alert to all interested -- Home Mortgage Interest Limitation Worksheet does NOT tie to Form 1098 Worksheet

[Arnie Wuhrman -- Lake Oswego OR]

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!

[dascpa]

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.

[Arnie Wuhrman -- Lake Oswego OR]

Yup, all on me.  But LOL on your line about middle school programmers!