I've already filed my taxes and just got a letter from my mortgage co stating that new IRS guidance was put in place allowing mortgage interest to be deducted. What next?

[AndreaC1 · Accepted solution]

Was it for mortgage insurance premiums instead of mortgage interest? If so and your AGI exceeds limits listed below; you don't need to do anything. Otherwise, you'll amend your return after you receive your refund (or pay taxes due). Mortgage interest should have been listed on your original 1098 since it was already allowed as a deduction. The new Bipartisan Act extended mortgage insurance premiums (MIP or PMI). 

Once your adjusted gross income (AGI) exceeds $100,000 ($50,000 for married filing separately) the deduction is reduced. 

And the mortgage insurance deduction is eliminated once your AGI surpasses $109,000 ($54,500 if married filing separately). Also if you did not itemize on original return, it won’t make a difference. 

How do I amend to claim mortgage insurance premiums (corrected Form 1098)?

https://ttlc.intuit.com/replies/6749144