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Federal tax filing question - should I amend my return?
Posted on 4/17/11 at 9:29 am
Posted on 4/17/11 at 9:29 am
Long story short - I already filed but just realized I forgot to include a 1099-INT with $1.57 of interest income. Form was only online and I can't figure out whether it was sent to the IRS or not. The bank is Chase FWIW.
So - should I amend my return?
So - should I amend my return?
This post was edited on 4/17/11 at 9:30 am
5
Posted on 4/17/11 at 10:36 am to Captain Want
fwiw I had this same thing happen a few years ago and the IRS simply corrected my return and still sent a check out. I don't think the IRS is interested in this small amount.
Posted on 4/17/11 at 11:39 am to Captain Want
First, it was pretty petty of the bank to issue a 1099 since they don't have to if the interest is less than $10. The IRS will probably not do anything to adjust your return. $2 of taxable income will not mean an additional $1 of tax unless you are right at a margin on the tax tables.
Posted on 4/17/11 at 11:57 am to Poodlebrain
i saw a bank issue a 1099 for .06 of interest income this year.
Posted on 4/17/11 at 1:22 pm to Captain Want
The tax tables are done in increments of $25. So unless you were so close to the upper range that the additional $1.57 would have kicked you over, don't worry about it. If so, don't worry about it either. If you get a bill, simply mea culpa and pay it.
Posted on 4/17/11 at 1:31 pm to simonizer
yeah, my fiancees bank issued her a 1099 for $.24.
Posted on 4/17/11 at 3:33 pm to Captain Want
IRS loves the big fish....they don't care about $1.57
Posted on 4/17/11 at 5:30 pm to Captain Want
quote:
should I amend my return?
absolutely not
Posted on 4/18/11 at 11:57 am to Spock
Thanks all - this board is really great.
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