1098 Form

[bking0370]

I have already filed my taxes this year and it has been accepted by the IRS. Unfortunately after all is said and done, I receive a 1098 form in the mail for a time share I have. Do I need to amend my taxes? If so, how do I go about doing it? Can I do it on Turbo Tax? Any idea how it will effect my return? Increase it? Or will I most likely be paying some money back? Please help.

[JohnW222 · Accepted solution]

You don't have to amend your return to include this 1098 information.

You might want to, if the mortgage interest on your timeshare is deductible, and this interest would provide you with a tax benefit by itemizing deductions.

For more information that might help with your decision, please see the TurboTax Help articles below.

• Can I deduct the mortgage interest on a timeshare?
• Tax Deduction Wisdom—Should You Itemize?
• How to amend (change or correct) a return you already filed

[MY0508]

I need to include my Interest I paid on my home on my tax return.

[CassLO]

@MY0508 If you itemize your deductions you will deduct the interest on Schedule  A Itemized Deductions in the section labeled The Interest You Paid you will enter the interest on line 8b.

If you do not itemize then you are unable to deduct the interest payments on your tax return.

To enter a Form 1098 in TurboTax:

1. Enter 1098 in the Search window (click on the magnifying glass icon at top right)
2. Click on "Jump to 1098" and it will take you directly to the place to enter your 1098.

Another alternative:

1. Continue your return in TurboTax Online. ...
2. Click Tax Tools (lower left of your screen).
3. In the pop-up window, select Topic Search.
4. In the I'm looking for: box, type 1098.
5. In the results box, highlight 1098, then click GO.
6. Follow the onscreen instructions.

"DavidS127 Employee Tax Expert"