Unable to Amend Return with 1098 showing Mortgage ...
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
PTurk
New Member

Unable to Amend Return with 1098 showing Mortgage Interest but 0.00 Outstanding Principal.

I received a 1098 for Tax Year 2020 from a lender after I e-filed my 2020 Federal Return. My 2020 Federal Return was accepted and I am awaiting a refund. Today, I tried to amend and file an amended 2020 Federal Return. I tried to enter the new 1098 but TurboTax will not accept the 1098 because the Outstanding Mortgage Interest on the 1098 is 0.00. When I try to enter 0.00 and Continue from the screen where I entered the new 1098, TurboTax says there has to be a Value in the Outstanding Mortgage Principal box. I have tried backing out and re-entering but TurboTax will not accept a zero or zeros in the Outstanding Mortgage Principal box. Isn't 0.00 a value? 

2 Replies
DMarkM1
Employee Tax Expert

Unable to Amend Return with 1098 showing Mortgage Interest but 0.00 Outstanding Principal.

You are correct TurboTax will not accept zero for outstanding mortgage principal since that should be the principal amount on 1 Jan 2020 or whenever you took out the loan if this was new loan or refi in 2020.  You will need to use the original amount from your form 1098 that was corrected.  

 

You will enter the original information for any boxes that were not changed on the corrected form.

 

One additional note for you.  If the form changed the interest paid amount, but you are using the standard deduction your tax will not change and thus you will not need to amend your tax return.  
 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
PTurk
New Member

Unable to Amend Return with 1098 showing Mortgage Interest but 0.00 Outstanding Principal.

Thank you for your quick response. The loan was a construction loan and originated in November 2019. I believe the balance as of January 1, 2020 was zero and the mortgage on our/this primary residence is with a different lender and that lender's 1098 is included in my 2020 return. And we did take the standard deduction so it appears we do not need to amend our 2020 return. Thanks again and have a good day. 

Dynamic AdsDynamic Ads
v
Privacy Settings