Best online 2023 tax return calculator / how to calculate amended return with mortgage deduction

Thanks for the info. I was wondering though, does the software automatically fill in the forms correctly? I'm worried about which lines to put what on for the 1040X. Also, if we weren't itemizing before would it be worth it to amend?

Yes, most tax software will automatically fill in the 1040X with the correct line items when you create an amended return - they handle all the technical details of which numbers go where. If you weren't itemizing before, it's only worth amending if your total itemized deductions (including the mortgage interest) would exceed your standard deduction of $27,700. For example, if you have $15,000 in mortgage interest but no other significant itemized deductions, you'd still be better off with the standard deduction. But if your mortgage interest plus state taxes, charitable donations, and other eligible deductions push you over $27,700, then filing an amended return could be worthwhile.

Does it work with returns that were e-filed through other software? I used TurboTax and I'm not sure if I even have a PDF of my original return.

I'm a little skeptical about uploading my tax documents to some random website... How secure is this? And does it actually generate the 1040X form you need to submit?

Yes, it works with returns from any tax software! If you e-filed with TurboTax, you can download your completed return PDF from your TurboTax account - just log in, go to tax documents, and download your 2023 return. Completely understand the security concern. They use bank-level encryption and don't store your documents after processing. And yes, it generates a completed 1040X form ready to print and mail, along with any supporting schedules that changed because of your amendment. It makes the whole process much less stressful.

Wait, how does this actually work? Does it just keep calling for you or something? I don't understand how they get you through faster than everyone else.

This sounds like BS honestly. The IRS phone system is the same for everyone. How could some service possibly get you through faster? Sounds like a scam to me.

It doesn't skip the line or anything magical - they have an automated system that continuously redials and navigates the IRS phone tree for you. When it finally gets through, it calls your phone and connects you directly to the agent. So instead of YOU having to redial 50 times and sit through all the prompts each time, their system does it. They don't promise immediate connection - it still took 45 minutes in my case, but I was doing other things while waiting for my phone to ring instead of being stuck with my phone to my ear the whole time. It's basically just saving you the frustration of the busy signals and disconnects.

I filed through a CPA but want to check their work before asking them to amend. Does the interest paid on a home equity loan also count as mortgage interest for tax purposes? I know there used to be some difference.

Home equity loan interest is deductible only if the loan was used to buy, build, or substantially improve the home that secures the loan. If you used the money for other purposes (like paying off credit cards or student loans), the interest isn't deductible anymore. This changed with the 2017 tax law. Also, there's a limit on total mortgage debt for interest deductions - you can only deduct interest on the first $750,000 of mortgage debt ($375,000 if married filing separately) for loans taken out after December 15, 2017. For older mortgages, the limit is $1 million.

The IRS Tax Withholding Estimator is just for calculating paycheck withholding, not for figuring out amended returns. It's really confusing how few official calculators the IRS actually offers! I ended up just using FreeTaxUSA to recalculate - you can enter all your info there for free and it shows you the result without paying unless you actually file.