Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
blue04600rr
New Member

I just received a corrected 1098. On my original box 5 was blank. On the corrected one, block 5 says $592.38. I have already filed my taxes, do I need to do anything?

 
1 Best answer

Accepted Solutions
BMcCalpin
Level 13

I just received a corrected 1098. On my original box 5 was blank. On the corrected one, block 5 says $592.38. I have already filed my taxes, do I need to do anything?

It depends on whether or not you itemized or if you didn't itemized, how close you other itemized deductions were to the point of pushing your itemized deductions to be more than your Standard Deduction.

If your other Itemized Deductions didn't come close to your Standard Deduction, then do nothing - it won't help you any.

If you already itemized though, then this would decrease your taxable income by $600 or so, which would save you $600 times your marginal tax rate (say, $150 if you are in the 25% tax bracket). In this case, you might want to amend your return to collect the money - for information on how to amend your return, please see https://ttlc.intuit.com/replies/3288565

View solution in original post

2 Replies
BMcCalpin
Level 13

I just received a corrected 1098. On my original box 5 was blank. On the corrected one, block 5 says $592.38. I have already filed my taxes, do I need to do anything?

It depends on whether or not you itemized or if you didn't itemized, how close you other itemized deductions were to the point of pushing your itemized deductions to be more than your Standard Deduction.

If your other Itemized Deductions didn't come close to your Standard Deduction, then do nothing - it won't help you any.

If you already itemized though, then this would decrease your taxable income by $600 or so, which would save you $600 times your marginal tax rate (say, $150 if you are in the 25% tax bracket). In this case, you might want to amend your return to collect the money - for information on how to amend your return, please see https://ttlc.intuit.com/replies/3288565

View solution in original post

BMcCalpin
Level 13

I just received a corrected 1098. On my original box 5 was blank. On the corrected one, block 5 says $592.38. I have already filed my taxes, do I need to do anything?

Note that PMI is not deductible for loans that originated prior to 2007
Dynamic AdsDynamic Ads
Privacy Settings
v