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I completed my return before 1098 arrived. The interest was $1000.00 more than I listed and the property tax was $500 more will this affect my return?

Do I need to amend my return for the difference? I used standard deduction.

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1 Best answer

Accepted Solutions
DianeW
Expert Alumni

I completed my return before 1098 arrived. The interest was $1000.00 more than I listed and the property tax was $500 more will this affect my return?

If you used the standard deduction you are not required to amend your return.  However you can correct these figures in the tax return to see if your total overall expenses for itemized deductions are greater than the standard deduction for 2017, by choosing the amend option when that is available (see below).  

  • The standard deduction for single taxpayers and married filing separately is $6,350 in 2017, up from $6,300 in 2016; for married filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for head of household, the standard deduction is $9,350 for 2017, up from $9,300.

If you decide you want to amend your return because you will receive an additional refund or have a lower tax due you can follow the steps below.  The amended return is not ready yet so you can keep checking back.  DO NOT make changes to the original return so that all of the original figures remain in tact for the amended changes.

Read all the instructions before you begin.  Consider any state requirements if necessary.

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

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1 Reply
DianeW
Expert Alumni

I completed my return before 1098 arrived. The interest was $1000.00 more than I listed and the property tax was $500 more will this affect my return?

If you used the standard deduction you are not required to amend your return.  However you can correct these figures in the tax return to see if your total overall expenses for itemized deductions are greater than the standard deduction for 2017, by choosing the amend option when that is available (see below).  

  • The standard deduction for single taxpayers and married filing separately is $6,350 in 2017, up from $6,300 in 2016; for married filing jointly, the standard deduction is $12,700, up $100 from the prior year; and for head of household, the standard deduction is $9,350 for 2017, up from $9,300.

If you decide you want to amend your return because you will receive an additional refund or have a lower tax due you can follow the steps below.  The amended return is not ready yet so you can keep checking back.  DO NOT make changes to the original return so that all of the original figures remain in tact for the amended changes.

Read all the instructions before you begin.  Consider any state requirements if necessary.

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

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