I received a 1098 (after I filed my taxes already)...
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nightswim13
New Member

I received a 1098 (after I filed my taxes already) that shows I paid some points with a mortgage refinance. Should I amend my federal and state taxes for 2020?

Will refiling benefit me? Since I paid points?
2 Replies
Anonymous
Not applicable

I received a 1098 (after I filed my taxes already) that shows I paid some points with a mortgage refinance. Should I amend my federal and state taxes for 2020?

You would need to enter the information from the 1098 you received in order to know if it will benefit you. You can file an amendment after your submitted return has been processed by the IRS. See this FAQ on How to amend a return.

Opus 17
Level 15

I received a 1098 (after I filed my taxes already) that shows I paid some points with a mortgage refinance. Should I amend my federal and state taxes for 2020?

On a refinance, points must be spread out over the life of the loan.  Supposing you paid $3000 in points and refinanced in June.  Spread out over 300 months, that's $10 per month, which would give you a $60 tax deduction for 2020, which would give you an additional $10-$20 refund if you amended.

 

You can still deduct your 12 months worth of points in 2021 (and future years) even if you don't deduct them in 2020. 

*Answers are correct to the best of my ability at the time of posting but do not constitute legal or tax advice.*
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