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After I filled, I received a letter from my bank with a revised statement showing a different "mortgage interest received" than what was on the original 1098. Help

Forum|Forum|7 years ago
June 1, 2019
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The original 1098 showed the mortgage interest received as $4,654.86, and the new statement shows it as $5,033.57. Do I need to re-file or something? How will this change things?

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Best answer by ThomasM

The corrected statement shows you paid about $379 more in interest than you claimed. If you're in, say, the 25% tax bracket, then that additional amount of deduction might save you around $95 (less if you're in a lower bracket; more, if in a higher one).

The only way to add it into your tax filing for 2016 would be to file an amended return (1040X). It's up to you whether you want to do that (the IRS won't care). If you do want to pursue it, you'll need to wait until the IRS processes your original return and issues any refund. Then you can file the amended return and make the necessary change.

You can do this in TurboTax. Here's a link to the TurboTax support page for amending returns, which will get you started: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Amending-Your-Income-Tax-Return/INF12058.html

T

ThomasMAnswer

Employee

The corrected statement shows you paid about $379 more in interest than you claimed. If you're in, say, the 25% tax bracket, then that additional amount of deduction might save you around $95 (less if you're in a lower bracket; more, if in a higher one).

The only way to add it into your tax filing for 2016 would be to file an amended return (1040X). It's up to you whether you want to do that (the IRS won't care). If you do want to pursue it, you'll need to wait until the IRS processes your original return and issues any refund. Then you can file the amended return and make the necessary change.

You can do this in TurboTax. Here's a link to the TurboTax support page for amending returns, which will get you started: https://turbotax.intuit.com/tax-tools/tax-tips/IRS-Tax-Return/Amending-Your-Income-Tax-Return/INF12058.html