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March 24, 2024
Question

My 1098 form has an entry in line 4 for a "refund of overpaid interest". Where do I enter the information from line 4 in turbotax?

  • March 24, 2024
  • 1 reply
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I itemized deductions for the previous tax year and I received the refund this year. I suspect that I have to declare somewhere that I received the refund. I do not itemize deductions this tax year.

1 reply

Employee
March 24, 2024

@nishiwata   the instructions/ information on the this box ( 1098 form ) is as below:

 

"Box 4. Do not deduct this amount. It is a refund (or credit) for overpayment(s)
of interest you made in a prior year or years. If you itemized deductions in the
year(s) you paid the interest, you may have to include part or all of the box 4
amount on the “Other income” line of your calendar year Schedule 1 (Form
1040). No adjustment to your prior year(s) tax return(s) is necessary. For more
information, see Pub. 936 and Itemized Deduction Recoveries in Pub. 525."

You could amend  the return of the year Which generated  this refund -- work out the  return amendment and see if this even makes a difference ( and if so file an amended return ).  If the difference for that year  turns out to be small like  LESS than a few dollars , it may not be worth the trouble.  .