Tax Reform Update: You can only deduct interest on the first $375,000 of your mortgage if you bought your home after December 15, 2017.
Form 1098 in the TaxAct® program does not automatically account for a mortgage amount that is over the deduction threshold amount. You must manually calculate the amount of mortgage interest that is deductible and enter that in the appropriate section of the program.
To enter the information from IRS Form 1098 Mortgage Interest Statement in the TaxAct program:
If Box 5 of Form 1098 reports real estate (property) taxes paid, enter those taxes as follows: