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Level 1

Question

1099 Int

3 replies
28 views

I submitted my return and subsequently located a 1099INT for $56. Should I bother with an amendment? It changes my refund by $16.

Level 15

It’s your call but I would let the IRS adjust my return if they even deal with it.

Alumni - Intuit

If you don't amend your tax return, you might receive a future IRS letter adjusting your return for the missing income. Subsequently, the $16 difference will incur interest and penalties from the date your return is due (April 15, 2025). This will continue until the IRS adjusts your taxes and the amount is fully paid.

Level 15

The penalty caps at 25% of tax owed.