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zherekate
New Member

I have not deduct my mortgage points last year, can I deduct them this year and how?

 
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HopeS
Expert Alumni

I have not deduct my mortgage points last year, can I deduct them this year and how?

 

Assuming you filed Schedule A Itemized Deductions in 2021,  your mortgage points should be deducted on Form 1040 Schedule A, line 8  Itemized deductions in 2021. However, you will need to Amend your 2021 Tax Return to claim this additional deduction on Schedule A.

 

Your total itemized deductions would have to be greater than your standard deductions for it to be beneficial to amend your return to include additional tax deductions. 

 

For single taxpayers and married individuals filing separately, the standard deduction rises to $12,550 for 2021, up $150, and for heads of households, the standard deduction will be $18,800 for the tax year 2021, up $150. If your itemized deductions exceed these thresholds in 2021 then you should amend your returns.

 

If you used TurboTax Online, simply login to your account and select “Amend a return that was filed and accepted.” If you used our CD/download product, sign back into your return and select “Amend a filed return.” You must file a separate Form 1040-X for each tax return you are amending.

 

 

See guidance in the link below on how to Amend:


How to Amend

 

@zherekate 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
HopeS
Expert Alumni

I have not deduct my mortgage points last year, can I deduct them this year and how?

 

Assuming you filed Schedule A Itemized Deductions in 2021,  your mortgage points should be deducted on Form 1040 Schedule A, line 8  Itemized deductions in 2021. However, you will need to Amend your 2021 Tax Return to claim this additional deduction on Schedule A.

 

Your total itemized deductions would have to be greater than your standard deductions for it to be beneficial to amend your return to include additional tax deductions. 

 

For single taxpayers and married individuals filing separately, the standard deduction rises to $12,550 for 2021, up $150, and for heads of households, the standard deduction will be $18,800 for the tax year 2021, up $150. If your itemized deductions exceed these thresholds in 2021 then you should amend your returns.

 

If you used TurboTax Online, simply login to your account and select “Amend a return that was filed and accepted.” If you used our CD/download product, sign back into your return and select “Amend a filed return.” You must file a separate Form 1040-X for each tax return you are amending.

 

 

See guidance in the link below on how to Amend:


How to Amend

 

@zherekate 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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