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zapyoo
Returning Member

Do I need to Amend my 2022 Form 1040 if I made an error on my Mortgage Interest entry?

The issue is with the Mortgage Interest Form 1098:  

  1. My tax returns (state and federal) have both been accepted.  
  2. Repairing the error does not change any of my rebate amounts.  
  3. The Mortgage Interest (Box 1) and Property Taxes (Box 10) are fine.  
  4. The error is that I reported Outstanding Mortgage Principal [Box 2] as $1 (because I paid it off in 2022 and TurboTax wouldn't take a $0). 

BACKGROUND: 

My lender did not send me a 1098 form, so I called and requested one.  I did ask for the Box 1 and 10 figures but did not ask for Box 2 (stupidly).  When filing I thought that the Outstanding Principal Amount was at the end of period instead of the beginning.  I just received the Form 1098 and have discovered my error.  

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1 Reply
DawnC
Expert Alumni

Do I need to Amend my 2022 Form 1040 if I made an error on my Mortgage Interest entry?

No, if correcting the outstanding principal balance does not change your refund or tax-due amounts, you do not need to amend your tax return.   TurboTax asks for that amount in Box 2 because the amount of mortgage interest you can deduct is limited.   But if your outstanding mortgage balances are not more than $750K, the average mortgage balance calculation is not used.   It sounds as if you already started amending to repair the numbers - and already know that correcting the box 2 amount does change your tax position.   

 

Do I really need to amend my return?

 

Mortgage Interest Deduction Limitations

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