Receiving a Corrected 1098 where origination points were removed from Box 6 means your previous tax deduction was likely too high. Since those points were added incorrectly, the IRS now has proof that you weren't eligible for that part of the deduction. Whether you must amend depends on how much that error changed your final tax bill.
You should file an Amended Return (1040-X) for 2023 if:
- If you used Schedule A to claim your mortgage interest and points, removing those points will reduce your total deductions and increase your tax income. You will likely owe a small amount of tax back to the IRS.
- The amount is significant: If the origination points were a few thousand dollars, the IRS will likely eventually send you a "Notice of Proposed Adjustment" (CP2000) if you don't amend first. Amending now stops the accumulation of interest and penalties.
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