I forgot to add a mortgage interest statement and have submitted my return. Can I amend and resubmit?

[xmasbaby0 · Accepted solution]

You cannot change or add anything on the return that you just e-filed.  It is too late, just like when you put an envelope in a US mailbox

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 income 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 mail it in. You will be needing to use a form called a 1040X, which becomes available in mid-February. You cannot e-file an amended return.  They have to be mailed, and it takes at least 2-3 months for the IRS to process an amended return.  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

[6027]

Where can I get the 1010x form? I received my form 1098 mortgage interest statement a month later after I did my taxes

[xmasbaby0]

WAIT until your original return has been fully processed before you amend.   And....unless you have enough itemized deductions to exceed your standard deduction, the mortgage interest will not make any difference.

https://ttlc.intuit.com/community/tax-return/help/how-do-i-amend-my-2021-return/00/2544441

STANDARD DEDUCTION

Many taxpayers are surprised because their itemized deductions are not having the same effect as they did on past tax returns.  The new higher standard deduction and the elimination of certain deductions, as well as the cap on state and local taxes have had a major impact since the new tax laws went into effect beginning with 2018 returns.

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. (Only the amount that is MORE than 7.5% of your AGI counts)   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.

Your standard deduction lowers your taxable income.  It is not a refund.  You will see your standard or itemized deduction amount on line 12a of your 2021 Form 1040.

2021 STANDARD DEDUCTION AMOUNTS

SINGLE $12,550  (65 or older + $1700)

MARRIED FILING SEPARATELY $12,550  (65 or older + $1350)

MARRIED FILING JOINTLY $25,100  (65 or older + $1350 per spouse)

HEAD OF HOUSEHOLD  $18,800  (65 or older +$1700)

Legally Blind + $1350

[Ubes]

Can i add the interest from my 2021 taxes on my 2022 taxes if i forgot to do it 

[DoninGA]

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@Ubes wrote:

Can i add the interest from my 2021 taxes on my 2022 taxes if i forgot to do it 

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No.  Interest for 2021 has to be entered on a 2021 tax return.  You will have to amend the 2021 tax return to add the 2021 interest.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

A 2021 amended tax return can only be printed, signed, dated and mailed by you to the IRS, it cannot be e-filed.

[Taylor 71]

Where can I get a 1040X form

[xmasbaby0]

@Taylor 71

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...