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How do I amend my 2020 return because my mortgage interest wasn’t limited?

SOLVEDby TurboTaxUpdated 2 weeks ago

Some TurboTax customers may have underpaid their 2020 federal and state taxes because their mortgage interest wasn’t limited.

You'll need to amend your 2020 return to correct the error. Select an option below for step-by-step instructions on how to amend and re-file your return.

You'll need to amend your return using TurboTax CD/Download for 2020. This can't be done in TurboTax Online.

  1. Find your 2020 Federal return (Form 1040) and note your original refund or balance due amount. We recommend you check the paper/PDF copy of your return or your banking records to verify the correct amount.
  2. Sign in to TurboTax using the same account that used you prepared your 2020 return.
  3. On Tax Home, scroll down to Your tax returns & documents, and choose 2020.
  4. Select Amend (change) 2020 return, then follow the instructions given for How to amend your 2020 return.
  5. Download your .tax file
  6. Download TurboTax CD/Download 2020 for Windows or Mac.
  7. Open your .tax file using TurboTax CD/Download 2020.
  8. Follow the TurboTax CD/Download Amend Instructions starting with step 2.
  1. Find your 2020 Federal return (Form 1040) and note your original refund or balance due amount. We recommend you check the paper/PDF copy of your return or your banking records to verify the correct amount.
  2. Open your 2020 return in TurboTax 2020.
    • You won't be able to open a 2020 return in any other years of TurboTax software.
  3. Before you make any changes, select File and Save As… then add Amended 2020 return to the file name to preserve your original return.
  4. Select Online and Check for Updates. Allow the program to update if any are available.
  5. Select the Federal Taxes tab, (Personal tab if you’re using Home & Business), and then select Other Tax Situations. You may be asked to answer a few preliminary questions before you see a list of categories. Scroll down to Other Tax Forms select Start next to Amend a Return.
  6. On the What do you need to change on your return? screen, follow the steps below depending on your operating system.
    • Windows:
      1. Select the Forms icon from the TurboTax screen.
      2. From Forms in My Return list, find and select Tax & Int Wks. It will appear on the side of the screen.
      3. On the Tax and Interest Deduction Worksheet, go to the Interest Deductions section and find the Mortgage Interest Limited Smart Worksheet box.
      4. There will be a question within the box that says, Does your mortgage interest need to be limited: Yes No. The No box will have an X.
      5. Using your cursor to hover over the No X box and right click. Select Override from the list. The No X will now be red. Now select the Yes box. Once this box is selected, the limited home mortgage interest will appear on line A2 of the worksheet and will properly transfer to Schedule A. The refund/balance due counter will update.
      6. From the TurboTax screen, select the Step-by-Step icon to return to step-by-step.
    • Mac:
      1. Select the Forms icon from the TurboTax menu (or select View, then Go to Forms).
      2. From Forms in My Return list, find and select Tax & Int Wks. It will appear on the side of the screen.
      3. On the Tax and Interest Deduction Worksheet, go to the Interest Deductions section and find the Mortgage Interest Limited Smart Worksheet box.
      4. There will be a question within the box that says, Does your mortgage interest need to be limited: Yes No. The No box will have an X.
      5. Select Edit Menu and then Override. The No X will be red. Select the Yes box. Once this box is selected, the limited home mortgage interest will appear on line A2 of the worksheet and will properly transfer to Schedule A. The refund/balance due counter will update.
      6. Select the EasyStep icon from the menu, or choose Go to EasyStep from the View menu.
  7. On the What do you need to change on your return? screen, select Done.
  8. On the Do you still receive your mail at this address screen, select No to update your address. If the address is correct, select Yes and select Continue.
  9. Make your selection on the Presidential Election Campaign screen and Continue.
  10. Select Continue on the Special Situations on Your Amended Return.
  11. On the Why did you need to amend your return?, enter TO CORRECT SCHEDULE A MORTGAGE INTEREST DEDUCTION, then Continue.
  12. Select Continue on the Let’s make sure your taxes are correct screen. Review any final warnings and fix any errors. If you make any changes at this stage, be sure to run Smart Check again, until there are no new warnings to fix, then select Done.
  13. On the Run Smart Check Again screen, select Done.
  14. Select Continue on the Your Amended Return Summary and Your Audit Risk Results screens.
  15. Select your response on the You can buy extra peace of mind screen.
  16. Select Continue on the We Guarantee Your Maximum Refund, We’re ready to file your taxes, and E-filing is Closed for the Season, You Can File by Mail screens.
  17. On the E-file Your Federal Return for FREE screen, select Print/Save for Your Records.
  18. Select Print and then All official forms required for filing.
  19. Select Save As PDF or Preview Print Copy on the Print and Save Your Tax Return screen.

TurboTax has experts available to answer your questions by calling 844-333-2161 (Monday-Friday, 5 AM to 5 PM PT). When you speak with an expert, just mention: 2020 Federal Mortgage Interest Limitation so they know exactly what you’re calling about.

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