Forgot to add a new morgage 1098 and just submitted. How can I update it now please?

[xmasbaby0 · Accepted solution]

Did you click that big orange button that said “Transmit my return now?”  If you did that, you cannot do anything to fix it yet.  You have to wait for the email that tells you if your return was accepted or rejected.

You cannot change or add anything on the return that you just e-filed, nor can you stop it.  It is too late, just like when you put an envelope in a US mailbox on the corner.  The IRS does not allow you to take it back.

If you left out a W-2, a 1099G, or a dependent, or a 1099 etc…DO NOT change your return while it is “pending.”  The changes will go nowhere.

Now you have to wait until the IRS either rejects or accepts your return.  If your return is rejected, you will be able to go into your account and make the necessary changes to your tax return and re-submit your return. 

 If the IRS accepts your return, however, then you have to wait longer until it has been fully processed and you have received your refund.  THEN you can prepare an amended tax return and e-file or mail  it in. You have to be able to work from that return exactly the way it was when it was e-filed originally.  You will need to use a form called a 1040X.

  Meanwhile, DO NOT go in and start changing anything on your return in the system, or you will make a mess for yourself.  Sit tight and wait until you see what the IRS does with the return you just e-filed

The Form 1040X you might need becomes available in late February,  But wait until your return has been processed.

[melbourne--]

Grateful for the speedy reply and help.   Thank you so much!!!

[DaveF1006]

Just one added FYI, once your return has been accepted and you received a refund by the IRS (if you filed it), you can amend your return by going to: 

To amend your return using Turbo Tax Online.
 

1. Log into Turbo Tax
2. Select Scroll down Your tax returns & documents in your landing page.
3. Select Amend (change) 2023 return.
4. Once you are in your return, you can go to federal>deductions and credits.
5. Your home>Mortgage Interest and Refinancing (Form 1098).

You may amend this as soon as your return has been accepted by the IRS and received your refund, if you have already submitted the original return.. The amendment form is available now and you do not need to wait until you have received your refund.

[Edited 02/19/24|12:15 pm PST]

@melbourne-- 

[melbourne--]

Appreciate your response.  I have received notification that the Federal has been accepted so I tried what you suggested but it does not give me an option to amend.  I am wondering if it has to accept state as well before the amend option show?

[DaveF1006]

Yes, I apologize for my earlier answer. According to this Turbo Tax source, the IRS recommends amending after receiving your refund. Once you received your refund, then use the steps I outlined above. 

I have edited my original answer to reflect this fact. You will need to wait until the State accepts your return as well.  

[xmasbaby0]

Before you amend-----will entering mortgage interest put you over the edge into having enough itemized deductions to exceed your standard deduction?   If not, it will just be a waste of time.   

It is very hard for a lot of people to use itemized deductions now that the standard deduction is so much higher.  Your home ownership may not have any effect on your tax due or refund, especially if you purchased the house late in the year. 

Standard Deduction

Your itemized deductions have to be more than your standard deduction before you will see a change in your tax owed or tax refund.  The deductions you enter do not necessarily count “dollar for dollar;” many of them are subject to meeting  tough thresholds—medical expenses, for example, must meet a threshold that is pretty hard to reach.  The software program uses all the IRS rules that apply to the expenses you enter, and it tells you if you have enough to use your itemized deductions or if using the standard deduction is more advantageous for you.  Under the new tax laws, some deductions have been capped—there is a $10,000 limit to the itemized deductions for state, local, property and sales taxes. 

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850  (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)