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dr0832
Returning Member

Do I need to filed amended return for an error on 1099-INT

I filed my 2020 tax return last month and the IRS accepted it and gave me my tax return. Yesterday I just received a note that one of the banks made an error on a 1099-INT that they sent me. The amount I filed was for $75, but the actual interest I earned was $77.40. Do I actually need to file an amended return for such a small amount? Could this actually raise a red flag in the IRS system?

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1 Reply
JamesG1
Expert Alumni

Do I need to filed amended return for an error on 1099-INT

It is possible but not likely for that small amount.  Enter the correct information into the amended tax return software to see whether the different income generates a balance due.

 

Amended tax returns are available March 25.

 

Or, the IRS may update your tax return within the next twelve months and request additional payment.

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