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Wait. I refinanced a mortgage and naively filed my taxes with TurboTax this year. What's the bug?
by arcastroe 5y ago
Wait. I refinanced a mortgage and naively filed my taxes with TurboTax this year. What's the bug?
- Rebelgecko 5y agoI actually haven't seen anyone complaining about the bug, so maybe it's been fixed after multiple years? There's a good rundown of the bug here: https://www.reddit.com/r/personalfinance/comments/lqkcdv/how_turbotax_might_be_messing_up_your_mortgage/ https://www.reddit.com/r/personalfinance/comments/lqkcdv/how... tl;dr is that the mortgage interest deduction is prorated if your mortgage(s) have a total principal > 750k. If you refinanced, TurboTax would do the proration calculation assuming your mortgage were twice as large, because the refinance was being treated as a separate mortgage