Are ammended tax returns & mortgage interest statements done on two different forms?

Question

Do I need to file two different forms for these two items? And on my mortgage interest statement am I filing on money that I will owe or money that has been paid that I might get something back on? This is my first year ever getting one of these,& I have never itemized on my taxes as I never had enough to make it worth itemizing.And this year my husband & I filed a 1040-A as we always do

Answer 1

Mortgage interest is an itemized deduction. To use it, you need to itemize your deductions. If you are taking the standard deduction, you can disregard your mortgage interest statement.

An amended tax return is what you file if you have completed and sent in your tax return, and the find you made a mistake or left something off.

Answer 2

First off, why Amended? Is this for last year? It doesn't really matter; your attachments are part of even an amended return.

Your mortgage interest can be deducted from your adjusted gross income for tax purposes. At the top of the back of the 1040 (You can no longer file the 1040A, you need the 1040), where you used to take the standard deduction, you will enter your itemized deductions.

Itemized deductions are done on Schedule A. Go through each line of the form and enter the things you paid that year in that category. READ THE INSTRUCTIONS!!! You can deduct things like your car registration and work expenses, so read and take every deduction you qualify for.

100% of the mortgage interest you paid is deductible. And don't forget to go back to your closing statement from when you bought the house and claim closing costs, points and taxes.

If any of this seems too hard -- try it. If it still seems hard, hire somebody. It'll be woth it...and their fee is deductible!!

Answer 3

If you filed the short form 1040A and decide to itemize you need to file an amended return.

The mortgage interest statement is just a form from the lender that shows how much mortgage interest you paid. You use it in preparing Schedule A - Itemized Deductions, but you do not file it with the return or the amended return.

To file an amended return, you first need to prepare (but not file!) a paper return using Form 1040 and Schedule A, first off to see if you get any benefit from itemizing and then to prepare the Form 1040X which is the amended return itself.

Here's a link to the 1040X form: http://www.irs.gov/pub/irs-pdf/f1040x.pdf

The 1040X instructions: http://www.irs.gov/pub/irs-pdf/i1040x.pdf

Form 1040: http://www.irs.gov/pub/irs-pdf/f1040.pdf

Schedule A: http://www.irs.gov/pub/irs-pdf/f1040sab.pdf

And Schedule A Instructions: http://www.irs.gov/pub/irs-pdf/i1040sa.pdf

Answer 4

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