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How to enter amortization of mortgage points for Schedule A, itemized deductions in ProConnect

SOLVEDby Intuit1Updated February 08, 2022

This article will assist you with entering amortization of mortgage points for Schedule A, itemized deductions in Intuit ProConnect.

Follow these steps to enter amortization of mortgage points on the Schedule A:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Deductions and choose Depreciation.
  3. Click the blue Details button to expand the screen.
  4. Scroll down to the Asset Information section.
  5. Locate the General subsection.
  6. Select 1 = Schedule A (2%) from the Form (Click on arrow to select from list) dropdown menu.
  7. Enter the Date placed in service (negative date=various).
  8. Scroll down to the Regular Depreciation subsection.
  9. Enter the Cost or basis.
  10. Select 91 = Straight Line from the Method (Click on arrow to select from list) dropdown menu.
  11. Enter the Life or class life (recovery period automatic).
  12. Select 461 = Sec. 461 - Points from the Amortization code section (Click on arrow to select from list) dropdown menu.
  13. Enter the remaining balance as Current depreciation/amortization (-1=none) [Override] (if this is the final year).

To adjust the calculation of deductible points:

  1. Go to the Input Return tab.
  2. From the left of the screen, select Deductions and choose Itemized Deductions (Sch A).
  3. From the top of the screen, select Interest.
  4. Locate the Interest section.
  5. Enter the adjustment in Points not on Form 1098 [Adjust] (Click on button to expand).
    • Enter an increase as a positive number, or enter a decrease as a negative number.

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