Mortgage interest is entered in the Itemized Deductions section of TaxACT and will appear on federal Schedule A.
To enter the information from Form 1098 Mortgage Interest Statement into the TaxACT program:
- From within your TaxACT return (Online or Desktop), click on the Federal Q&A tab
- Click Itemized or Standard Deductions to expand the category and then click Interest Expenses
- On the screen Itemized Deductions - Form 1098 Mortgage Interest select whether or not the mortgage interest was reported on Form 1098
- The program will proceed with the interview questions for you to enter or review the appropriate information
If Form 1098 reports real estate (property) taxes paid:
- Click on the Federal Q&A tab
- Click Itemized or Standard Deductions to expand the category and then click Taxes Paid
- Click Continue on the screen Itemized Deductions - State and Local Taxes, and then click No to reach the screen Itemized Deductions - Real Estate Taxes Paid
- Enter the qualified amount of real estate taxes you paid in 2012
TaxACT will use the higher of your itemized deductions or the standard deduction for your filing status to maximize the tax benefit to you.