Corrected 1099-INT from Citibank for tax year 2022

[jdm1975]

Hello!

 Citibank under reported my interest for tax year 2022, I received a Corrected 1099-INT. I think I need to file an amended return?? Problem is, the original 1099 showed total interest from checking and savings accounts  1429.65. The corrected 1099 shows total interest of 1029.65, because they are reporting only the corrected savings account amount, NOT the actual total of both accounts! The part that was not reported was 300.00 from the savings account. If it showed the actual total of 1729.65 on the corrected 1099, I would just file amended return. I don't know what to do here??? Any help would be appreciated! 

[Opus 17]

You are required to report all your correct interest, even if you did not get a 1099-INT.   What is the actual correct interest you earned from all your accounts?  (Note that some bonuses for opening accounts are also taxed as interest.)   If the IRS gets a 1099-INT that does not match your tax return, they might ask questions, but if your return was correct and the 1099 was wrong or incomplete, you could prove that by sending a letter that included account details and copies of statements showing actual interest. 

What is the correct actual interest you earned, and what did you report?

[jdm1975]

Thanks for the reply! The 1099-INT that I filed was for 1429.65, the correct amount should have been 1729.65. Citibank under reported 300.00. Problem is, the corrected 1099-INT that Citibank sent me (and the IRS) only shows 1029.65, the corrected savings account interest amount, NOT the total of savings and checking accounts, which would be the 1729.65.

[Opus 17]

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@jdm1975 wrote:

Thanks for the reply! The 1099-INT that I filed was for 1429.65, the correct amount should have been 1729.65. Citibank under reported 300.00. Problem is, the corrected 1099-INT that Citibank sent me (and the IRS) only shows 1029.65, the corrected savings account interest amount, NOT the total of savings and checking accounts, which would be the 1729.65.

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So the honest thing would be to amend to report the extra $300, the actual tax return does not list individual 1099s, just the total.   I think its unlikely the IRS would bother you for reporting more income than they have matching records for, but his they did, you can easily explain.   You could also leave things as-is, since the 1099 is being reduced, there is not an increase to trigger a review.  

[jdm1975]

I appreciate your input!