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Not unless you actually earned the income. In that case, new rules about documenting your "repayment ability" per the Dodd-Frank Act mean lenders are responsible for determining that your income is legit. In most cases, they will require that you do one or more of the following:

1. Promise in writing and under penalty of fraud to make no further changes to that return (you can't "un-amend" your amended return after closing on your home loan.

2. Pay the extra tax prior to applying for your mortgage.

3. Provide all pages of the return prior to its amendment.

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Q: Should i Amend tax return to qualify for mortgage loan?
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How to cancel my tax credits?

I'm not sure what you're referring to, but tax credits are either claimed or not claimed.If you claimed a tax credit and have found out that you should not have claimed the credit, you should amend your tax return. You will owe interest on any taxes you have to pay back, but if you don't amend and you are audited and the credit is removed from your return you will have more interest than if you had paid sooner and you may have penalties as well.If you don't want to claim a tax credit that you are allowed to claim, then simply don't put it on your tax return. Although the taxing agency may adjust your return if they think you made a mistake, they usually won't add tax credits if you don't claim them because they can't tell if you're eligible or not.


What do I do if I got married in Dec 2008 and filed single. My fafsa at school is asking me to amend my return to show married filing separately. Will this affect my return amount?

You need to amend...your married status at end of year means you MUST file either jointly with your spouse or married filing seperately...the effect of one or the other may well be beneficial, and depends on your spouses position too.


Can you amend your FAFSA?

Yes, you can amend your FAFSA. You can use the Student Aid: Correcting or Updating Your FAFSA guide that is linked below to figure out what you need to do for specific types of corrections.


What does a convertible term insurance policy work?

A convertible term insurance policy works by allowing you to amend the coverage period in return for a change in the premium payable. This is highly useful to businesses with ever changing amounts of stock or who wish to add new premises to their insurance policies


Will a lender amend a mortgage agreement from a 15 year to a 30 year and waive the prepayment penalty?

Typically no. They will most likely be able to find a way to re-write the mortgage from a 15-yr to a 30-yr but it is unlikely that they will waive the prepayment penalty. Also, depending on how far into your 15-yr mortgage you are, they may NOT be able to refinance you do to predatory lending laws. If it is over 1 year, then it is not an issue, but if it is less than one year, they may either A: not be able to do it, or B: offer you discounted rates and fees to do it. You may consider just refi-ing with another company or doing some comparison shopping. rates are going up - Prime is at 8% now, so if you're gonna do it act fast!

Related questions

You are on chapter 13 already can you now add your mortgage to it?

You should be able to amend your plan to include it.


How do you amend a Canadian 2008 tax return?

It is NOT called AMEND a tax return in Canada. How to change your return and obtain a copy of your notice of assessment or reassessment Click on the below related links


How to declare forgotten income on an already filed tax return?

amend the return.


Who can amend the clauses of a deed of trust?

A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.A deed of trust is the form for a mortgage in some states. Only the original parties to the transaction can amend it. Amending a deed of trust may require a reconveyance by the trustee.


What should you do if you discover an error after you have filed your tax return?

You can amend it meaning you can change whatever you have filed for any correction. Many of the taxpayers do this just to file the returns on their due dates to avoid penalties then amend it later.


Can you claim 2006 w2's with my 2008 w2's?

No. They must be icluded for the year they are applicable. If you failed to, you should simply amend that years return.


Can your use a W-2 form from three years ago if you didn't file the job on your tax return?

If you already have filed a tax return for that previous year, then you should amend your original return to correct that omission. Form 1040X is Amended U.S. Individual Income Return. You're allowed to amend 3 years after the date of filing your original return or two years after the date of paying taxes, if any, whichever is later. If you haven't filed a return for that year and weren't required to file, then you should file if tax was withheld to receive a refund of that tax.


Can you file your taxes with w2's you already have and if one comes after you file can you file that one to or amend it?

Provided you were truthful in all that you said when you filed a tax return, most countries allow you to go back and amend a return you have filed if new information comes to light or you find you have made a mistake.Obviously if this means you owe more tax you will have to pay this immediately and if you have paid to much as a result of the amendment you will get tax back.The important thing is that if you do need to amend a tax return your SHOULD do so as soon as possible.


If you filed taxes last year and filed wrong will you still be able to get the money back this year?

Yes. If you file your original (first) return before the due date, you have 3 years from the due date to amend and claim a refund. If you file your original return after the due date (and within 3 years after the due date), you have 3 years from the date you filed to amend and claim a refund. See Form 1040X instructions to amend your federal return. If you live in a state with personal income tax, you will also need to amend your state return. Most states use the same due dates and refund claim dates. Example 1: Your 2008 return was due on April 15th, 2009. Your original return was received by the IRS on February 21, 2009. You have until April 15th, 2012 to amend your return and claim a refund. Example 2: You did not file your 2008 return before the due date. The IRS received your 2008 return on March 25, 2011. You have until March 25, 2014 to amend your return and claim a refund. Example 3: You did not file your 2008 return before the due date. The IRS received your 2008 return on April 20, 2012. You filed outside of the time limit to claim a refund, so you cannot get a refund. You also cannot amend and get a refund.


How do you amend your tax return?

You file a Form 1040- X....fairly simple one at that.


What does overpayment mean on your state taxes and what does it mean by Amend?

"Overpayment" means that you paid more income tax than you owed and, therefore, are probably due a refund. "Amend" means to send in a corrected tax return, which will take the place of the original return.


Which one of these words bill amend population or confederation means to change?

From the word choices bill, amend, population, or confederation, the word "amend" means to change.The man needed to amend his 2015 tax return to show a higher income.After I heard the whole story, I had to amend my previous decision.When the Legislature amends the US Constitution, they add an amendment to it.My boss tried to amend an error he made in the payroll taxes.