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judysines
New Member

Possible error in my return, didn't claim all of the interest I paid on Mortgage

I reported paying $4458 in Mortgage interest, but I've now received a second 1098 for additional amount of interest paid for $2205

1 Best answer

Accepted Solutions
PEK
Level 2

Possible error in my return, didn't claim all of the interest I paid on Mortgage

(1). If the second 1098 was from the same Mortgage Company you should check to see if it is marked corrected on the Form 1098 (total would show (4,458+2,205) = $6,663. If so, you would have to file and amended tax return to claim an additional refund. If it does not say corrected and it is form the same Mortgage Company I would call the company to determine why a got a second one for a different amount. (2). If the amount shown on the 1098 is for $2,205 only, it may be indicative of a second mortgage or home equity line attached to your home and they are normally reported separate from a 1st trust on your property. IN any event, if you are entitled to the additional deduction of $2,205, you will have to file an amended tax return to claim your additional refund.

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3 Replies
PEK
Level 2

Possible error in my return, didn't claim all of the interest I paid on Mortgage

(1). If the second 1098 was from the same Mortgage Company you should check to see if it is marked corrected on the Form 1098 (total would show (4,458+2,205) = $6,663. If so, you would have to file and amended tax return to claim an additional refund. If it does not say corrected and it is form the same Mortgage Company I would call the company to determine why a got a second one for a different amount. (2). If the amount shown on the 1098 is for $2,205 only, it may be indicative of a second mortgage or home equity line attached to your home and they are normally reported separate from a 1st trust on your property. IN any event, if you are entitled to the additional deduction of $2,205, you will have to file an amended tax return to claim your additional refund.
judysines
New Member

Possible error in my return, didn't claim all of the interest I paid on Mortgage

Thank you for response.  I should have provided more information in original email.  Yes the additional interest is legit.  I have two separate forms.  1st one came from my Bank, the original mortgage holder.  Then last August they sold this to another Mortgage company and reason for the second form with $2205 interest paid.  I didn't realized I had two separate forms until I received letter from the Mortgage Company, and so at that time reviewed the paperwork and discovered that I hadn't filed all of the interest.    Please let me know how I go about filing an amended form.  I have already paid $588 due to IRS.  Would like the opportunity to get some of this back..
PEK
Level 2

Possible error in my return, didn't claim all of the interest I paid on Mortgage

you can use IRS Form 1040X to file an amended return. Also, you can do the same for your state tax return.

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