The 1098 will likely show deductible mortgage interest and property taxes. However, review your return. You many not need to amend. These deductions are part of itemized deductions. They will only affect your return if your total itemized deductions exceed your standard deduction. If not, adding them would not change the outcome of your return.
On line 9 of your 1040, you can determine if you itemized or took the standard deduction. The amount of your standard deduction is dependent on your filing status. If you took the standard deduction, adding the missing items only needs to be done if the amount added will cause your itemized deductions to increase above the standard deduction amount. If you itemized, you will want to amend and add the missing deductions.
Itemized deductions include things like medical expenses exceeding 7.5% of AGI, mortgage interest, state and local taxes including real estate taxes (capped at $10,000), and charitable contributions.
Should you have to amend, follow the steps below:
- Log into your TurboTax account
- Choose the tax year that you wish to amend
- Click Amend
- Make any necessary changes
Should You Itemize
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