Do I need to file an amended return if I received a corrected 1098 form?

by Susan D. Jarvis, CPA | Mar 05, 2018
askacpaicon

We received a corrected 1098 after we filed our 2017 taxes. Do we have to file an amended tax return? Yes, it will give us more money back, but do we have to?

You are under no obligation to file an amended return. If you choose not to go through the motions to get the additional refund, that is fine. Frankly, we often counsel clients that the cost to amend a return isn’t worth the refund they’ll receive.

For more resources, check out PICPA’s Money & Life Tips, Ask a CPA, or CPA Locator.

Answered by: Susan D. Jarvis, CPA, is a sole practitioner in Nazareth, Pa.

Disclaimer
The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
Financial FAQs

Search the most frequently asked finance and accounting questions and read the responses from PICPA members. Always consult a CPA before taking action.

Search