Hello, my mortgage company is sending corrected Form 1098 because as od Feb 9th, deductions where extended for MIP. I have already submitted my taxes, what do I do?

[Vanessa · Accepted solution]

If you itemized your expenses instead of taking the standard deduction, you can Amend Your Return (click link for instructions) to enter the PMI.  You will need to print and mail the 1040X and a copy of your new 1098.  It will take approximately 10-14 weeks to for the IRS to process your additional refund.  You can check the status by clicking here Where's My Amended Return

If you took the Standard Deduction and the difference between the Standard and Itemized deductions were less than your PMI, you will not need to do anything as this will not affect your return.  

[rayleas]

Thank you!
I am pretty sure I itemized my deductions but is there a way to double check?
Just making sure I am on the same page, is the 1040X the amended return?
Would there be any way to submit this electronically?

[Vanessa]

You can look on line 40 of your 1040.  If that is equal to the amount in the box on the side for Standard Deductions, then you took the Standard Deduction.  If it is not, then you itemized.  If you have a 1040A or a 1040EZ you did not itemize.    There is no way to file an amended return electronically.

[rayleas]

Thank you very much!