PLEASE HELP!! Forgot to add 1098-E Form

[djxgam1ng]

So I had one 1098-E Form that I did file that was 1766.42. There were some changes wirth private loan servicers and i forgot to add the interest paid from the Department of Education (Federal) which was $343. I log into my account and it says the form for changes will be available on Feb 15th. Confused if I should add that 1098-E info on that form or wait until I get my refund back. Some of said wait until I get refund back, while website saying you can make changes on Feb 15th.

To give you an idea of my situation, I downloaded the TT app and start to finish doing my taxes took less than 15 minutes. Simple return. Someone said if I dont add that 1098-E form, I wont get in trouble but its money I am missing out on. Would I get that entire $343 added to my return when I add it later? When would be a good time to add that info? Please help.

[xmasbaby0]

It is too soon to amend a 2024 tax return.   You have to wait until it has been fully processed by the IRS.  Sometimes the IRS catches and corrects mistakes you made.   And the Form 1040X you will need is not available until mid-February.  Amending too soon can cause confusion and long delays.

[SusanY1]

Wait until you get your initial refund, and then you can amend your tax return in TurboTax.  You will not get the entire $343 back, but you may get some additional refund depending on all of the information filed with your tax return.  

We don't have enough information to guess how much your additional refund will be, but it will likely be just a small percentage of the unreported student loan interest.  More like closer to $35 or so.  However, it doesn't cost you anything to amend your return so you may as well, after you receive that initial refund. 

There is no need to worry that you will get into any trouble here, though, so cross that off of your list and just make a note on your calendar to check back in a few weeks, after you've likely received your refund and the amendment process is up and running in TurboTax.

[djxgam1ng]

So can I amend when this form becomes available or should I wait until I get refund back? I just did my taxes today. Thanks 

b

[BrittanyS]

You will wait until your return is processed and you receive your refund prior to amending your return.  To amend your return follow these steps in TurboTax:

• You must first wait until the initial return is completely processed.
• You will have to use the same TurboTax account that you used for the original tax return.
• Once you begin your amendment, you'll see your original return.
• The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
• Only make changes to the areas of your return that need to be corrected.
• You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment

Select your product below and follow the instructions. 

Amend TurboTax Online 

Amend TurboTax CD/Download 

@djxgam1ng 

[djxgam1ng]

Just to be clear, I can revisit this thread and click on the TurboTax Online hyperlink? And I am guessing I will input the 1098-E form I left out (either upload or just type out the amount)….So there won’t be a 1040X to fill out? So that on a Google search. Just trying to know what to expect. Thanks again. 

[xmasbaby0]

You have to use Form 1040X to amend. And...you will not get back the $343 of interest that you paid.  That interest will just reduct  the amount of income you were taxed on.   It will make only a small difference, if any.

[KrisD15]

You should wait until your return has processed. If you expect a refund, wait until after you receive the refund. 

February 15 is the first date to file an amended return, but only if the original has already been processed. It is not the ONLY day to file an amended return. You have several years. 

HERE is a link for how to amend your return using TurboTax after your original return has processed. 

Because you say you have student loan interest to add, the interest will lower your Adjusted Gross Income. That in turn MIGHT increase your refund, but by how much is based on your tax rate and other deductions and credits. 

You can always start the amended return now to see how much your refund increases (if at all) just wait to send it until the original is finished. If an original and amended return are filed too closely, they can cross in the IRS system and cause problems. 

@djxgam1ng