Amending Due to Tax Law Change

[cback1985]

I went in and added the PMI insurance to my 2017 tax return. I went back to look over my 2017 tax return and now it's saying i am not getting anything for adding my PMI insurance when it originally said i would get money back since I believe I originally didn't have it on my 2017 tax return. Am I safe to send in my amended return since I notice the difference on what is owed to me or how do I show that $150 credit back to me on my amended return. I hope that makes sense...

[AnthonyC]

What does your actual Form 1040X say?  Does that show you getting back additional refund?  If so, you are good to go ahead and send in the Form 1040X and include a copy of the new Schedule A.  

It sounds like what happened is you amended your tax return the first time and then accidentally amended it again when you went back in and that caused the refund meter to drop back to 0.  

[Lamp]

MARK ,   Aan not sre that my 2018 tubbo tax was correc, i can nodt follow the numbers all the way dto filing

I am looking at form 8606 ajd cajjodt follow rhw numbers.   form 8606 fon Ann lampereur

[Lamp]

Did info from # 8606 enter into may total for 2018

[VictoriaD75]

Keep in mind the PMI deduction is part of itemized deductions and will only affect your return if you itemized. Deductions reduce your taxable income and the tax liability will be reassessed based on the new amount. It will not have a dollar-for-dollar effect on amount received. There are also AGI limitations. See the link below for additional information.

Amending for PMI Deduction

[Tiff19]

I just talked to the irs and they told me to get in touch with y’all cause I have not got not 1 stimulus. Check

[xmasbaby0]

@Tiff19 Not sure why you are posting your question to an old thread about private mortgage insurance.   If you did not receive the 1st  or 2nd stimulus payment and were eligible to receive it, then you can use the recovery rebate credit on your 2020 tax return to get that EIP payment.   If you already filed a 2020 return and did not use the credit section to get the RCC, then when your 2020 return is fully processed you can amend to get the credit.

The stimulus check is an advance on a credit you can receive on your 2020 tax return.  If something went wrong or you did not get the stimulus check in 2020, you can get it when you file your 2020 return in early 2021

The Recovery Rebate Credit will be found in the FEDERAL REVIEW section. ( you should see "Let's make sure you got the right stimulus amount”)  If you are eligible it will end up on line 30 of your 2020 Form 1040.

Make sure that you enter ALL of the stimulus money received for the 1st and 2nd stimulus for yourself, your spouse and your children.

https://www.irs.gov/newsroom/economic-impact-payment-information-center-topic-j-reconciling-on-your-...

https://ttlc.intuit.com/questions/1901539-how-do-i-preview-my-turbotax-online-return-before-filing

Click on Tax Tools on the left side of the screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

TurboTax cannot track your 3rd stimulus or tell you when it will arrive.  The IRS is issuing 3rd stimulus checks on its own timetable.

You can use the IRS Get My Payment site to see what is expected for your 3rd stimulus check:

https://www.irs.gov/coronavirus/get-my-payment

https://www.irs.gov/coronavirus/get-my-payment-frequently-asked-questions