Filed my Fed and State 2018 forms. Just got a Form 1098 showing a great deal of mortgage interest and mortgage insurance premiums paid on a re erse mortgage I paid off?

Forum|Forum|7 years ago
June 4, 2019
1 reply
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My AGI is much lower than the total of these two amounts so I don't think it would help me at all to amend?

TurboTax Deluxe Online

Best answer by PopeyeTheSalior

Generally, if your total itemized deductions including the mortgage interest amount on the Schedule A are not greater than your standard deductions, you do not need to amend your return. Adding the new information will not change the total refund or tax due.

Please also note that with the new tax reform, TCJA, you won't be able to deduct the mortgage insurance premium paid in 2018 on your schedule A as the benefit has expired. In addition, the new standard deductions have also nearly doubled from the previous amounts as well. (See below) As you are given a larger amount standard deductions, in your situation, amending the return might not change anything. To be sure, you can go through the amendment section to allow the program to calculate the change if there is any. Come back later to this link 2018 Amend

2018 Standard deductions, Single-from 6350 to 12,000, MFJ, 12,000 to 24000, Head of Household, 9550 to 18,000.

PopeyeTheSaliorAnswer

Level 13

Generally, if your total itemized deductions including the mortgage interest amount on the Schedule A are not greater than your standard deductions, you do not need to amend your return. Adding the new information will not change the total refund or tax due.

Please also note that with the new tax reform, TCJA, you won't be able to deduct the mortgage insurance premium paid in 2018 on your schedule A as the benefit has expired. In addition, the new standard deductions have also nearly doubled from the previous amounts as well. (See below) As you are given a larger amount standard deductions, in your situation, amending the return might not change anything. To be sure, you can go through the amendment section to allow the program to calculate the change if there is any. Come back later to this link 2018 Amend

2018 Standard deductions, Single-from 6350 to 12,000, MFJ, 12,000 to 24000, Head of Household, 9550 to 18,000.