topic Should I amend my 2017 Return? Corrected 1098 statement from my mortgage company adding Box 5: retroactive mortgage premium (Bipartisan Budget Act)signed after I filed. in After you file

Should I amend my 2017 Return? Corrected 1098 statement from my mortgage company adding Box 5: retroactive mortgage premium (Bipartisan Budget Act)signed after I filed.

paulny78 — Tue, 04 Jun 2019 20:06:58 GMT

Mortgage Insurance is a deduction that can now be claimed...

MichaelL1 — Tue, 04 Jun 2019 20:07:00 GMT

Mortgage Insurance is a deduction that can now be claimed with the recent tax law change.

Before you amend first check two things;

1) did you itemize in 2017, as if not this will have no tax impact

2) look at how much box 5 is, and decide if you want to. For example, if box 5 is $100 and you are in the 25% tax bracket your refund could increase by $25.

You must report all income, however, do not have to take all deductions.

It is a fairly easy process to Amend and TurboTax walks you through the process.

https://ttlc.intuit.com/replies/3288565

I received a corrected 1098 mortgage that has a $2616 in...

roshallec — Tue, 04 Jun 2019 20:07:01 GMT

I received a corrected 1098 mortgage that has a $2616 in box 5 will that hurt or help me on my 2017 tax return when I do an amendment? Why was it sent so late?

It is an additional Sch A Itemized deduction so as long a...

MichaelL1 — Tue, 04 Jun 2019 20:07:02 GMT

It is an additional Sch A Itemized deduction so as long as you can itemize it will help. Otherwise, it will have no impact. It is a positive thing for your tax return.