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aingold
New Member

If I received a revised 1098 which includes mortgage insurance will it affect my taxes?

 
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Accepted Solutions
LinaJ2018
Intuit Alumni

If I received a revised 1098 which includes mortgage insurance will it affect my taxes?

Maybe not.  It depends.

When you enter itemized deductions such as mortgage interest/insurance, property taxes, medical expenses, charitable contributions, all of these items are added together. Unless the total of itemized deductions exceeds the standard deduction for your filing status, you would not see any change in tax due or refund.  I will still encourage you to add the information to verify.  If the result doesn't change, you do not need to submit the amendment. 

If you have already submitted your return, at this point, you cannot make any addition to your tax return.

You have two options: 

If your return got rejected for any reasons, you can return to the program/account to edit the info along with other changes.  You do not need an amendment 1040-X.

If your return has been accepted, please see the following :

You will have to amend your return by filing a Form 1040X.  You should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.  If by editing the information does not change the refund or amount you owe, you do not need to submit the amendment. 

Amended returns do not “catch up” to your original return and replace them;  they are processed as two separate returns.  

Amended returns have to be printed and filed by mail.  It can take the IRS up to 12 weeks or longer to process them.   If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it.  If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return. 

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

View solution in original post

1 Reply
LinaJ2018
Intuit Alumni

If I received a revised 1098 which includes mortgage insurance will it affect my taxes?

Maybe not.  It depends.

When you enter itemized deductions such as mortgage interest/insurance, property taxes, medical expenses, charitable contributions, all of these items are added together. Unless the total of itemized deductions exceeds the standard deduction for your filing status, you would not see any change in tax due or refund.  I will still encourage you to add the information to verify.  If the result doesn't change, you do not need to submit the amendment. 

If you have already submitted your return, at this point, you cannot make any addition to your tax return.

You have two options: 

If your return got rejected for any reasons, you can return to the program/account to edit the info along with other changes.  You do not need an amendment 1040-X.

If your return has been accepted, please see the following :

You will have to amend your return by filing a Form 1040X.  You should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.  If by editing the information does not change the refund or amount you owe, you do not need to submit the amendment. 

Amended returns do not “catch up” to your original return and replace them;  they are processed as two separate returns.  

Amended returns have to be printed and filed by mail.  It can take the IRS up to 12 weeks or longer to process them.   If you are due a larger refund than on your original return, your amended return should only show the difference and you will receive a separate check for it.  If you owe money on your amended return, it will show only the new amount owed, you will have to mail a check with the return. 

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

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