Home refinanced

[B1973]

I refinanced my home. There was a question about how much of the loan was spent on the home. I accidentally entered the wrong amount. I could not get back to that spot to change it, so I filed anyway. Can I file an amended return to fix it?

[MayaD]

Yes. You can amend your return to fix the wrong amount.

Wait until the IRS either rejects or accepts your return. If your return is rejected, you can make the necessary changes to your tax return and re-submit your return. 

 If the IRS accepts your return,  you have to wait until it has been fully processed and you have received your refund.

Follow the steps in this link to amend your return.

Only make changes to the areas of your return that need amending. 

To fix your entries:

1. Go to Federal Taxes.
2. Select Deductions and Credits.
3. Select I'll choose what I work on.
4. Select Update next to Mortgage Interest, Refinancing, and Insurance.
5. Select Edit next to the Mortgage lender
6. Review you entries and continue until you get to the screen, Let's see how much you can deduct this year.

 

[Carl]

Do not amend the already filed and accepted return until the IRS has completely processed it. If you have a refund coming, it is not completely processed until such time as you have received your refund.

[B1973]

I filled out an amended return and the update made no change to my return amount. Do I still need to file an amended return?

[RobertB4444]

I would not file an amended return to correct this mistake.  Allow the IRS to work through this.  This isn't a red flag or anything.  You should wait to hear from them if they have a question or just correct it on next year's return otherwise.

@B1973