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rhymes
New Member

I forgot that my mortgage was sold last year and another Form 1098 arrived after I've filed my taxes. Should I amend my return since it shows 3K less of paid interest?

The 1st Form 1098 showed 6K of paid interest, the 2nd 3K.
1 Best answer

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MichaelMc
New Member

I forgot that my mortgage was sold last year and another Form 1098 arrived after I've filed my taxes. Should I amend my return since it shows 3K less of paid interest?

If your mortgage was serviced by two different servicers during the year, each will issue a Form 1098 showing only the mortgage interest paid to that servicer. That said, if you have enough mortgage interest, taxes, medical, and other deductions to make itemizing worthwhile, then I would urge you to amend your tax return to take advantage of this additional $3,000 of deductible interest.

TurboTax will guide you through correctly entering your new data and printing Form 1040X. You may also have to amend your state income tax return if you have a state income tax. Please note that amended tax returns must be filed by mail.

For more information, please see TurboTax Guide - Amending Your Income Tax Return.

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2 Replies
MichaelMc
New Member

I forgot that my mortgage was sold last year and another Form 1098 arrived after I've filed my taxes. Should I amend my return since it shows 3K less of paid interest?

If your mortgage was serviced by two different servicers during the year, each will issue a Form 1098 showing only the mortgage interest paid to that servicer. That said, if you have enough mortgage interest, taxes, medical, and other deductions to make itemizing worthwhile, then I would urge you to amend your tax return to take advantage of this additional $3,000 of deductible interest.

TurboTax will guide you through correctly entering your new data and printing Form 1040X. You may also have to amend your state income tax return if you have a state income tax. Please note that amended tax returns must be filed by mail.

For more information, please see TurboTax Guide - Amending Your Income Tax Return.

Carl
Level 15

I forgot that my mortgage was sold last year and another Form 1098 arrived after I've filed my taxes. Should I amend my return since it shows 3K less of paid interest?

If this is for a 2018 tax return, you probably don't need to bother with this. Remember, standard deduction for a single person is $12K and for a married person filing joint it's $24K. So if the total of all your mortgage interest (which is about $9K) plus all your other itemized deductions does not exceed your standard deduction, amending your return will make absolutely not one single penny of difference in your tax liability.

 

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