Do I need to amend

Forum|Forum|4 years ago
February 1, 2022
1 reply
11 views

I filed my taxes last week and they were accepted. Today I got forms that I have $30 in interest income I wasn't aware of. 15 from my bank and 15 from the IRS, which I don't understand at all.

Amend

Best answer by Mike9241

you could wait to see if the IRS bills you. if your taxes are computed using the tax tables there is a $50 range with that same amount of taxes for any amount of taxable income in that range so there may be no increase in your taxes. if you are due a refund the IRS might just take any tax increase out of the refund. if you owed and made payment, the tax increase may be so small IRS won't bill you because it costs more for it to issue the bill and then process the payment than the tax increase.

the $15 from the IRS is because it was tardy in getting your 2020 refund to you. it was included in the refund check.

if this is going to worry you then amend, but you have to wait for your original return to be accepted and then fully processed before you can submit an amended return. don't bother to file if there is no increase in your taxes

Mike9241

Answer

Level 15

the $15 from the IRS is because it was tardy in getting your 2020 refund to you. it was included in the refund check.

Mike9241

Critter-3

Level 15

Don't worry ... the IRS doesn't pay attention to small errors like $30. And the IRS was paying interest if they took too long to process your return last year ... you probably didn't even notice the extra $15 added to the refund.