What it 1098 is corrected?

[ScottT · Accepted solution]

Do you mean your Bank or Lender sent you a corrected 1098 Form? It is because of the recent new tax laws passage that retroactive some of the expired tax credits like the Mortgage Insurance Premium. If you have already filed your tax return, you may want to amend it to include the box 5 amount, if you believe it is significant enough to help reduce your tax liability. 

Depending on your situation, if you have already filed your tax return or not. You may be able to include the corrected 1098 on your return.

If you have already filed and waiting for a notification either "Accepted" or "Rejected" status. Do not change anything until you receive an acknowledgement.

If your return was Rejected, you can go back in and fix the issue, also use the corrected 1098 information. Then, e-file it again.

If your return was Accepted, wait for the Federal and State to process your return. Then, you can amend it and update the information from the corrected 1098.

See more helpful instructions on how to file an amended tax return.  https://ttlc.intuit.com/replies/6603004