- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
After you file
No, if correcting the outstanding principal balance does not change your refund or tax-due amounts, you do not need to amend your tax return. TurboTax asks for that amount in Box 2 because the amount of mortgage interest you can deduct is limited. But if your outstanding mortgage balances are not more than $750K, the average mortgage balance calculation is not used. It sounds as if you already started amending to repair the numbers - and already know that correcting the box 2 amount does change your tax position.
Do I really need to amend my return?
Mortgage Interest Deduction Limitations
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 28, 2023
3:57 PM