Tax Question-Mortgage Interest Correction After the Fact
 

So state and federal tax returns have been filed, checks have been sent, amounts are neither here nor there.

Today in the mail I get a corrected 1098 in the mail from my mortgage holder with a little note to the effect of "Oops" my January '09 payment was posted on 12/31/08 so the interest portion of my Jan payment was not included in my '08 1098.

The difference is about $1350.

A few questions. Is the net effect on my return enough to bother with it? How do I address this? Can I somehow just get it credited towards next year's return? I don't want to give them any more money than I have to. I'll give my accountant a call tomorrow but figured I'd get some ideas first.

Did they send you a corrected 2008 1098 or a separate 1098 for the portion of 2008 interest not previously shown. Either way it should reduce your 'owe' - I would include or do an amended return if you have already sent.

That's it!

High income fellow such as yourself...........probably see about $475. in your pocket.........;)

If the 1098 shows the additional amount in 2008, you'll need to file an amended return for it.

Not legally..........the deduction for next year won't match the 1098 for next year.

.........which forces you to do an amended return, by definition.





There's the little rub...........hopefully, he does it for $100. for you...........it'll take him all of five minutes.

Thanks, guys. It would appear to be worth they effort.

That first part made me LOL! :D Since I wasn't playing paperboy anymore (and didn't need to compensate for those taxes) I had a lot less taken out of my fiscal year end bonus this past year, apparently too much less. :o

I guess that's why I'm not an accountant. And why it's a good thing my brother is treasurer!:)