How do I amend my 2022 tax return to correct my mortgage interest deduction?

by TurboTax• Updated 6 months ago

Some customers might have underpaid their federal and, if applicable, state taxes because TurboTax wasn't limiting the mortgage interest deduction on Schedule A. Instead, the program allowed the full deduction for the mortgage interest. As a result, some customers might have underpaid their taxes.

To amend your return, select your product and follow the instructions.

TurboTax Online

Write down the original refund or balance due amount(s) for your federal and state, if applicable, income taxes. We recommend you check the paper/PDF copy of your return(s), or your banking records to verify the correct amount.
Sign in to the TurboTax account where you prepared your 2022 return.
In Tax Home, scroll down to Your tax returns & documents, and choose 2022. If you have not already done so, we recommend that you print a copy of your original 2022 tax return for your records by selecting Download/print return (PDF).
Select Amend (change) return and then select Amend Using TurboTax Online.
On the OK, let’s get a kickstart on your 2022 amended return screen, choose TurboTax sent me an email, then Continue.
On the What did we contact you about? screen, choose Something else, then Continue.
On the Tell us which 2022 return(s) you want to amend screen, choose:

I want to amend both my federal and state returns, if applicable. OR
I want to amend only my federal or only my state return, then check Amend my federal return.

Then Continue. Your federal refund/balance due tracker will usually reset to $0; this is normal.
On the Here’s the info for your amended federal return screen, go to the left side of your screen and select Tax Tools.
Once the Tax Tools menu expands, select Tools.
From the menu that appears in the middle of your screen, select Forms Mode.
From the list of forms that appear on the left-hand side of the screen, scroll down to the Tax and Interest Deduction Worksheet and select Delete.
On the Delete Selected Form screen, select Delete Selected Form. This will recalculate and limit the mortgage interest.
On the Form Successfully Deleted screen, select Continue.
On the Review Form List screen, go back to the left side of your screen and select Amend from the menu on the left side of the screen.
On the Here’s the info for your amended federal return screen, scroll down to the Deductions and Credits section. You will need to review all State and Local Taxes Information (Sales, Property, car registration, etc.) previously input, as information may need to be reinput before filing the amendment.
1. If the State and Local Taxes Information is correct, select Done at the bottom of the screen and continue with step 19.
2. If you need to add a previous deduction or credit,
  1. Select the Add a deduction or credit button.
  2. On the Great! We’ve got your tax breaks covered screen, scroll through the list of deductions and credits and review any State and Local taxes and Cars and Other Things You Own that may need to be reinput. When finished inputting the deductions, select Done.
  3. On the Based on what you just told us Itemizing deductions is right for you screen, select Continue.
  4. On the Here’s the info for your amended federal return screen, scroll down to the bottom and select Done.
On the Tell us why you’re amending your return screen, enter “TO CORRECT THE LIMITED MORTGAGE INTEREST EXPENSE ON SCHEDULE A” as the reason for the amendment. Then select Continue.
On the Let’s confirm your mailing address screen, confirm your mailing address. Then select Continue.
On the Do you want to designate $3 to a presidential campaign fund? screen, select your answer and then Continue.
On the Do any of these less common situations apply to you? Screen, select None of these apply to me, then Continue.
On the Accuracy’s everything. Time for a quick review. screen, select Check my info.
On the Let’s get your return ready to file screen, select Check my return.
On the Just about ready to file. But first… screen, select Continue.
On the Looking good, but before we move on…screen, select Continue.
On the Let’s take care of these details now screen, select Review and fix any errors.
On the Nice, Your federal return is in great shape screen, select Continue.
If applicable, on the Let’s get your state taxes done right screen, select Continue and follow the TurboTax instructions to amend your state return.
On the Let’s get your return ready to file screen, select Check my return.
On the Here are the numbers for your amended return screen, your federal and, if applicable, state balance due will be displayed. Select Continue.
If you cannot e-file the returns, you need to sign, date and mail the amended return(s). The mailing address and balance due are included on the File by Mail Instructions for your 2022 Federal Amended Tax Return and/or 2022 State Amended Tax Return.

Note: Be sure to Print and Save the amended return for your records.

TurboTax Desktop

Write down the original refund or balance due amount(s) for your federal and state, if applicable, income taxes. We recommend you check the paper/PDF copy of your return(s), or your banking records to verify the correct amount.
Launch TurboTax and open your 2022 return.
Before you make any changes, select File and Save As... then add Amended 2022 return to the file name to preserve your original return.
Select Online and Check for Updates. Allow the program to update if any are available.
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.
On the We’ll help you change (amend) your return screen, select Continue.
On the Did you already file your return? screen, select Yes, I’ve already filed my return. Then select I was contacted by TurboTax and told I may need to amend for some other reason. Then select Continue.

Note. The refund meters will reset to -0-. This is normal.

On the What do you need to change on your return? screen:

Windows Users:

Go to the top of the TurboTax screen and in the blue ribbon section search for the Forms icon in the upper right hand corner. Select the Forms icon.
You will now see a list of all the Forms in My Return appear on the left side of the screen. From this list, scroll down to the Tax & Int Wks and select the worksheet. Once you select the worksheet, it will appear on the right side of the screen.
On the Tax and Interest Deduction Worksheet, scroll down to the Interest Deductions section which is about three quarters of the way down the page until you reach the box titled Mortgage Interest Limited Smart Worksheet.
On the Mortgage Interest Limited Smart Worksheet, you will see a question in the middle of the box titled Does your mortgage interest need to be limited: Yes No. The No box will have an X.
Using your cursor to hover over the Yes box and select. 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.
Go back up to the top of the TurboTax screen and on the blue ribbon search for the Step-by-Step icon. Select the Step-by-Step icon to return to step-by-step.

Mac Users:

To switch to Forms Mode, open your return, and then select the Forms icon from the TurboTax menu (or select View, then Go to Forms).
You will now see a list of all the Forms in My return appear on the left side of the screen. From this list, scroll down to the form titled Tax & Int Wks and select this form. Once you select the form, you will see it appear on the screen.
On the Tax and Interest Deduction Worksheet, scroll down to the Interest Deductions section which is about three quarters of the way down the page until you reach the box titled Mortgage Interest Limited Smart Worksheet.
On the Mortgage Interest Limited Smart Worksheet, you will see a question in the middle of the box titled Does your mortgage interest need to be limited: Yes No. The No box will have an X
Use your cursor to hover over the Yes box and select. Once this box is selected, an X will appear and 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.
To switch back to the interview, select the EasyStep icon from the menu, or choose Go to EasyStep from the View menu.

On the What do you need to change on your return? screen, scroll down and select Done.
On the Do you still receive your mail at this address? Screen, verify your mailing address, then select Continue.
On the Do you want to designate $3 to a presidential campaign fund? screen, select your answer and then Continue.
On the Special Situation on Your Amended Return screen, select Continue.
On the Why did you need to amend your return? screen, enter TO CORRECT THE LIMITED MORTGAGE INTEREST EXPENSE ON SCHEDULE A. Then select Continue.
On the Let’s make sure your taxes are correct screen, select Continue.
On the Let’s Check These Entries screen, select Check Entries. Answer any questions and then select Continue.
On the Run Smart Check Again screen, select Done.
On the Your Amended Return Summary screen, review the changes and select Continue.
On the You’re Done! Print and Mail Your Returns screen, follow the instructions to print and save the amended returns. To electronically file the amended return, follow the instructions at the bottom of the screen and click on the File tab to continue.
On the Let’s get ready to file your taxes screen, select Continue.
On the E-file Your Federal Return for FREE screen, follow the instructions to e-file your amended federal, and if applicable, state return.
If you cannot e-file the returns, you need to sign, date, and mail the amended return(s). The mailing address and balance due are included on the File by Mail Instructions for your 2022 Federal Amended Tax Return and/or 2022 State Amended Tax Return.

Note: Be sure to Print and Save the Federal and State amended returns for your records.

TurboTax experts are available to answer your questions at 844-333-2161 (Monday–Friday, 5 AM to 5 PM PT). When you speak with an expert, just mention 2022 Mortgage Interest Limitation so they know exactly what you’re calling about.