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Mortgage Interest Deduction - Limitation

sptaxes
Level 2

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. 

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Just-Lisa-Now-
Level 15
Level 15

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.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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2 Comments 2
Just-Lisa-Now-
Level 15
Level 15

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.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
dascpa
Level 11

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.