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Old 04-09-2009, 04:01 PM
SwampYankee's Avatar
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Question 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.

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Old 04-09-2009, 04:06 PM
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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.
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Old 04-09-2009, 05:24 PM
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Quote:
Originally Posted by TX76513 View Post
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!
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Old 04-09-2009, 05:27 PM
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Quote:
Originally Posted by SwampYankee View Post
Is the net effect on my return enough to bother with it?
High income fellow such as yourself...........probably see about $475. in your pocket.........

Quote:
Originally Posted by SwampYankee View Post
How do I address this?
If the 1098 shows the additional amount in 2008, you'll need to file an amended return for it.

Quote:
Originally Posted by SwampYankee View Post
Can I somehow just get it credited towards next year's return?
Not legally..........the deduction for next year won't match the 1098 for next year.

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Originally Posted by SwampYankee View Post
I don't want to give them any more money than I have to.
.........which forces you to do an amended return, by definition.



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Originally Posted by SwampYankee View Post
I'll give my accountant a call tomorrow but figured I'd get some ideas first.


There's the little rub...........hopefully, he does it for $100. for you...........it'll take him all of five minutes.
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Old 04-10-2009, 08:59 AM
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Thanks, guys. It would appear to be worth they effort.

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Originally Posted by Brian Carlton View Post
High income fellow such as yourself...........probably see about $475. in your pocket.........
That first part made me LOL! 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.

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

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