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1098 refund of overpaid interest

I do not know hoe to report this . the section for form 1098 does not have box 4 to reflect this refund
1 Reply
PaulaM
Employee Tax Expert

1098 refund of overpaid interest

The interest would be included in income if you had taken an itemized deduction for the interest in a prior year. If you didn't itemize the interest expense, then you would not include it in your income for 2016.

If you did itemized and took a deduction for a prior year, enter it in the Less Common Income Section.

  • Select Miscellaneous Income (last income item)
  • Select Reimbursed deductions from a prior year
  • Other Itemized Deductions

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