Taxes: Adjusted 1098 after I've already filed...

[Kujako]

Any CPAs out there willing to part with some free advice? I've already filed my taxes, and my refund has been approved and is on its way. However I just received an adjusted 1098 stating that due to the "American Taxpayer Relief Act of 2012" I may be able to deduct my mortgage insurance premiums. It's not a lot of money, around 2000$ in additional deductions, but I know of no way to claim it after the fact. Am I more or less SOL? If so, not a big deal. I just couldn't find any information on IRS.GOV etc that adequately explained what if anything I could do.

[Reeve]

I'm not a CPA, so take this with a huge boulder of salt, but I believe a lot of deductions can be claimed in subsequent years if you fail to claim it in the year of the deduction, can't they? I know I was talking with my company about whether or not I should have gotten a foreign tax credit two years ago, and they mentioned that if I was eligible, I can still claim it for like 3 years afterwards, or something like that. I don't remember the specifics.

[Masark]

Not a CPA either, but I believe what you need to do is submit a 1040X form with appropriate changes and the explanation.

http://www.irs.gov/uac/Form-1040X,-A...ome-Tax-Return

[Silhouette of Seraphim]

Yes, you will have to amend and refile your return.

[Kujako]

Yes, you will have to amend and refile your return.

But I dont wana! Ah well, PITA. From what I'm reading it looks like I have time to do it (up to three years) since my existing return has already been processed.

[Masark]

But I dont wana! Ah well, PITA. From what I'm reading it looks like I have time to do it (up to three years) since my existing return has already been processed.

AFAICT, you don't need to redo and fill out the entire thing, just the parts that get changed by the amendments.