Please don't guess at the answer if you don't know - thank you. Tax form 1098.?
I already filed my taxes. I claimed the standard deduction. In the mail today I received a 1098 from a mortgage company for a house I owed for a short time last year. I totally forgot about it. But it will not change the tax return because I took the standard deduction. Do I need to do an amendment for this even if it doesn't change anything?
- Coffee DrinkerLv 72 months agoFavorite Answer
You are not required to file an amendment.
If you were really close to itemizing, and the mortgage interest is enough to push you over the top then it could save you a bit of money, but that's very unlikely if the amount was relatively small. You still would not be required to file an amended return, just that you could if the savings was worth your time.
But if you would still be taking the standard deduction after considering this interest then there's no reason to amend.
- JudyLv 72 months ago
You don't need to do anything with it unless you itemize.
- SlumlordLv 72 months ago
Does anything from the 1098 even go on your taxes, since you claimed the standard deduction? No, don't bother with the change.
- SlickterpLv 72 months ago
IF you only owned the home a short time, it is very unlikely you would have paid enough interest and property taxes to itemize.
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- Max HooplaLv 72 months ago
If the result won't change then do nothing.
- NALv 72 months ago
No. You have correctly and legally chosen the standard deduction, so there is nothing to "fix."