I have already filed both my state and federal taxes for 2017. I just received a 1098 form for mortgage interest statement. Do I need to amend my taxes?

[ModestaL · Accepted solution]

No, you don't have to file your 1098 Mortgage Interest Statement if you don't want to. However, if the interest you paid on your mortgage is larger than your standard tax deduction amount, you would benefit by itemizing and all the rest of your deductible expenses (including real estate taxes, state and local income taxes, and charitable donations) are additions to this deduction.

Nonetheless, if you decide to amend your taxes, wait until the IRS accept your return and you have received your refund to make changes (add your Mortgage Interest Statement). You will need to send in any forms that caused the need for an amendment (Original 1040 Form, new 1040X Form and Mortgage Interest Statement. Print, sign and mail your forms to the IRS.

Click here for instructions for amending a return.