Dear [Tax Professional or TurboTax Support],
I am writing to inquire about amending my previously filed tax return. I recently realized that I did not report my primary residence on the return. I have several questions regarding this matter:
Given that the IRS has already accepted my return, is it still necessary to file an amended return to report my primary residence?
What are the potential benefits of reporting my primary residence on an amended return? Specifically, am I likely to be eligible for deductions related to mortgage interest paid and a potentially higher refund amount?
I have attempted to complete Form 1040-X, Amended U.S. Individual Income Tax Return, using TurboTax software. However, I have not been able to find the option within the software to add the necessary information to report my primary residence. Could you please advise on how to properly report this information using TurboTax?
Given that the IRS has already accepted my return, is it still necessary to file an amended return to report my primary residence? YES, if needed, but you can't file until your original return is fully processed - you receive your refund
What are the potential benefits of reporting my primary residence on an amended return? Specifically, am I likely to be eligible for deductions related to mortgage interest paid and a potentially higher refund amount? we can't be sure. to be of benefit your itemized deductions must exceed your standard deduction which depends on your filing standard deduction if not over 65:
single or married filing separately$14,600
head of household $21,900
joint return or qualified surviving spouse $29,200
if you enter your itemized deductions Turbotax will optimize
I have attempted to complete Form 1040-X, Amended U.S. Individual Income Tax Return, using TurboTax software. However, I have not been able to find the option within the software to add the necessary information to report my primary residence. Could you please advise on how to properly report this information using TurboTax?
what version are you using? the basic version does not allow for itemized deductions
It could be beneficial to amend your tax return to include your mortgage interest and real estate tax deduction if you're able to itemize your deduction.
For 2024 tax returns, the standard deduction is $14,600 for single filers, $29,200 for married filing jointly, and $21,900 for heads of household. To make itemizing worth it, your total itemized deductions (mortgage interest, state taxes, charitable donations, medical expenses) would need to be higher than these amounts based on your filing status.
If your mortgage interest and property tax, combined with other itemized deductions, don't exceed your standard deduction amount, there wouldn't be a need to amend your return.