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Please follow the instructions below to enter two 1098 forms:
I sent my tax return in last night. Both the state and the federal received and accepted them. I was putting all my paper work away today and found a 1098 form that I forgot to include on my tax return!
My mortgage was sold to another company about half way through 2019. I included the information on one 1098 but not the other one. How can a correct that now that I have already turned in my tax return?
If you want to add in another 1098, you will have to amend. However, you may not need to. If you are taking the standard deduction and the amounts on this 1098 will not provide enough deductions for you to itemize, then it makes no sense to amend. However, you can always start the process to see if it makes sense financially, and you can finalize the amended return if it does. Here's how to get started:
Three weeks after mailing your amended return, you can start tracking it at the IRS Where's My Amended Return? tracking tool. Please allow at least 16 weeks for the IRS to process your amended return.
Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you mailed your amended state return, and you haven't heard anything, we suggest you contact your state tax agency.
Look at the total of all itemized deductions on line 17 of your SCH A. Now add the amount of interest (and PMI if application) reported on the 1098 you forgot to enter, to that total. If it does not exceed your standard deduction, then don't bother amending as it will make no difference and have no impact what-so-ever on your tax liability.
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