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TurboTax didn't ask me any questions about purchasing a home this year and I've already filed. What kind of situation am I looking at?

I purchased a home this year and have a 1098.
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LeonardS
Expert Alumni

TurboTax didn't ask me any questions about purchasing a home this year and I've already filed. What kind of situation am I looking at?

You may be looking at situation where you may want to file an amended tax return to claim the deductions on Form 1098.

 

Form 1098  details the amount of interest and related expenses paid on a mortgage during the tax year. These expenses can be used as itemized deductions on Schedule A.

 

You would have reported these deductions on Schedule A.  However if your itemized deductions including the ones from Form 1098 are less than your standard deduction than there is no impact on your tax return.

 

However, if these deductions from Form 1098 increase your itemized deductions over the standard deduction then you my want to consider filing an amended tax return.  The icreased deductions will reduce your overall tax liability.

 

Standard deduction amounts for 2019 are:

  • Single taxpayers and married taxpayers who file separate returns can claim a $12,200 standard deduction.
  • Married couples filing jointly can claim  $24,400.
  •  Taxpayers filing as "head of household" (single individuals with dependents) can claim a standard deduction of $18,350.
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