Refinanced home in 2021. Do I need to list new loan (current 1098) as a refinance of a previous loan?

[lizp1]

Hello,

I refinanced my primary home in 2021. Do I need to list the new loan/current and only 1098 as a refinance of a previous loan or was that only needed in 2022 for 2021 taxes? If that was only needed for 2021 taxes, how can I check to see what option was done for last year (2023 taxes) and the year before (2022 taxes)?  What would need to be done to make any corrections? 

Thank you for your help and guidance.

[AmyC]

1. No, since you only have one form, it is just your mortgage - not a current refinance.

2. The year that you had 2 forms 1098, you had to let the program know that it was a refinance. 

3. The program is asking questions trying to figure out the correct amount to put on your Sch A. If you only have one form, it will go on Sch A , line 8 for the qualified homebuyer amount.

4. You can look at Sch A from prior years to determine that your mortgage interest was included on your return.

5. If your Sch A did not pick up the interest, you can amend. See How do I amend my federal tax return for a prior year?

If you took the standard deduction in any of these years, you did not itemize and would not have Sch A.

Reference: About Schedule A (Form 1040), Itemized Deductions - Internal Revenue Service

[lizp1]

Thank you Amy for your help! I will be sure to correct this on my taxes for 2024. My prior two returns were standard deductions.