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:

1. From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click in the upper left-hand corner, then select Federal
2. Click Itemized or Standard Deductions to expand the category and then click Interest Expenses
3. On the screen titled Did you receive Form 1098 reporting mortgage interest?, click Yes if the mortgage interest was reported on Form 1098
4. On the screen titled Enter the mortgage interest and points you paid in 2019, enter the amount in the field titled Mortgage interest

If Box 5 of Form 1098 reports real estate (property) taxes paid, enter those taxes as follows:

1. From within your TaxAct return (Online or Desktop) click Federal. On smaller devices, click in the upper left-hand corner, then select Federal
2. Click Itemized or Standard Deductions to expand the category and then click Taxes Paid
3. Click Continue on the screen titled Enter state and local income taxes you paid during 2019 and then click No to reach the screen Enter real estate taxes assessed and paid in 2019
4. Enter the qualified amount of real estate taxes you paid in 2019