Thanks to the recent Bipartisan Tax change in February, many of us now have to amend our returns and in my case for mortgage insurance. When I research on the TurboTax website how to do that, it tell me to go to "file", and then "save as", and then "rename" the file, etc. However, on the CD version there is an "amend" button. What's that for? Which technique do you use to safely amend a return?
You will need to amend your tax return to claim the mortgage insurance deduction. Click the TurboTax FAQ link below for steps on amending your 2017 return. Select tax year 2017. Carefully follow the instructions.
Unfortunately, that didn't answer the question. The software itself has an "amend return" button. Would pressing that button allow one to amend a return? Why is that there, if you have to follow the instructions you point to that tell you to "open the file"," save as," etc. What is the purpose of the "amend" button in the software?
The amend button in the CD software allows you to amend the return. You will actually want to click that button to start the amend process. The purpose of the instructions where it tells you to go to File, Save As, etc is so that you can amend your return using a new "file." This way it will keep an copy of the original return on your computer that you can reference if you ever need to or if you make a mistake during the amendment process. Its not necessary to the process - but when you make a lot of changes it would be very difficult to ever get back to the original if need be.
Also, see this article for more information about deducting PMI because its possible you may not even be able to deduct the PMI depending on your AGI so you may not need to amend -