Hello - I came across one of my bank's on line tax documents after I filed. It was a 1099INT for $45 for my escrow account. Should I wait for the IRS to contact me or should I file an amended return?
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Go ahead and amend the 2023 tax return to add the interest from the 1099-INT.
Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.
See this TurboTax support FAQ for amending a current year tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-federal-tax-return-curr...
It's your choice. the IRS may never send you a notice for the additional taxes, penalties and interest because it may cost them more to process an amended return than the additional amount they'll get. However, no one can say for sure. If you worry about this then file.
will i be able to file amendment electronically or does it have to go by mail?
@gjgogol wrote:
will i be able to file amendment electronically or does it have to go by mail?
A 2023 federal amended tax return should be able to be filed electronically using TurboTax.
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