Do I need to Amend? Received 1098 with Mortgage Insurance Premiums in Box 5

[heelfan71]

I use the standard deduction.  My taxes are done and I received my refund using the standard deduction.  The Mortgage Insurance Premiums will not be enough for me to do a schedule A so I am not sure if I need to Amend my return or not ?

[HelenC1 · Accepted solution]

No, you don't need to amend if using the Standard Deduction results in a higher refund or lessor amount due.  Just keep the corrected 1098 Mortgage form with your 2017 tax documents.

For your information: The Bipartisan Budget Act of 2018 has extended this deduction for 2017.  If you itemize and the insurance contract was issued after 2006, you may be able to deduct your PMI.

• However, once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced.

• The mortgage insurance deduction is eliminated once your AGI surpasses $109,000 ($54,500 if married filing separately).

Related information: Do I need to amend?

[Edited 3-11-2020|12:41 pm PST]