It depends. First the IRS does not allow you to report 2020 items on a 2021 return so you will not be able to add that Form 1098 to next year’s taxes.
For this year, amending depends on whether the Form 1098 will give you an additional refund.
If you itemized deductions, adding additional mortgage interest will give you a bigger refund unless your interest deduction is limited by the size of your mortgage deduction. You can deduct home mortgage interest on the first $750,000 ($375,000 if married filing separately) of indebtedness. However, higher limitations ($1 million ($500,000 if married filing separately)) apply if you are deducting mortgage interest from indebtedness incurred before December 16, 2017.
If you took the standard deduction, you will only get refund if adding the additional Form 1098 allows you to itemize deductions.
A good way to check is to go through the amend process anyway. If there is no change in refund, then there is no need to file an amended return. Amended returns are scheduled to be available in TurboTax after March 18.
Click here for help: How do I amend my 2020 TurboTax Online return?
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