Yes, it should have been noted as a HELOC, however, if the entire amount was used to pay off debt, it is not deductible, so it should not be included on your tax return at all.
If you have not already submitted your return, then you can go back in and delete that Home Mortgage Worksheet. If you are using TurboTax Online, this is done by clicking Tax Tools>>Tools>>Delete a form.
If you are using a downloaded version then you will go into forms mode and delete the Home Mortgage worksheet by clicking on the form on the left-hand side of your screen, then clicking delete in the lower lefthand corner.
If you have already submitted your return and did not GET the Itemized deduction, you will not need to do anything as you did not get a deduction for it. To determine whether or not you received the itemized deduction or standard deduction look at line 8 of your 1040. If you are not over 65 and it is showing $12,000 if you are single, $18,000 if you filed as Head of Household or $24,000 if you are married filing jointly then you received the standard deduction and will not need to make any changes. If you are over 65, this amount is increased by $1,300 or $1,600 depending on your filing status and your spouses' age if you have one.
If you did take the itemized deduction and your return was accepted by the IRS, then you will need to click here for instructions on how to Amend Your Return. Once in your return, you will follow the above instructions to delete the Home Mortgage interest worksheet for this loan. You will then need to print and mail the 1040X as this form cannot be e-filed. Instructions will print on where to send the form.
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