Solved
I just received a 1098 form for mortgage insurance. I already filed taxes. do i have to amend my taxes? what happens if i don't?
No text available
Not necessarily. Whether you need to amend or not depends on if the 1098 will be beneficial to your tax situation and if you chose to itemize your deductions. Form 1098 Mortgage Interest Statement reports the interest that you paid during the year and is deductible as an itemized deduction on Schedule A.
If you originally filed your return using your standard deduction- which is based on your filing status (as shown below), then you did not itemize your deductions or use Schedule A. Itemizing your deductions may be beneficial if the total of your itemized deductions exceed your standard deduction. If adding the 1098 increases your itemized deductions or if adding it allows your itemized deductions to exceed the standard deduction you were already given, you may want to amend your return.
You can find out if you used the standard or itemized deduction by reviewing your printed form 1040 line 40 or if you have a 1040ez or 1040a you used the standard deduction. TurboTax will also inform you while completing your return if you used the standard or itemized deduction.
See link below that explains how to amend your return using TurboTax.
Standard Deduction 2017
- Single or Married Filing Separately - starts at $6,350
- Married Filing Joint - starts at $12,700
- Head of Household - starts at $9,350
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
