I just received 1099 INT from the bank for $150. I already filed our taxes as I was not expecting to receive this. What do I do now? Will it make a big impact?

Nitbipply · ‎May 31, 2019

ToddL · ‎May 31, 2019

Whether or not the 1099-INT makes an impact will depend on your overall tax situation and tax bracket.

For example, you may not have had any taxable income after personal exemptions and your standard deduction; in that case the 1099-INT may have no effect at all.

Strictly speaking, you are required to report all of your income on your tax return, even if the amount has little or no impact on your taxes.

Having said that, if you don't amend your return to report this interest income, the IRS may send an automated notice later in the year proposing an increase in your taxes because of the unreported $150 in income. If you agree with the proposed increase you can just send them a check for that amount. You do not have to file an amended return.

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ToddL · ‎May 31, 2019

Whether or not the 1099-INT makes an impact will depend on your overall tax situation and tax bracket.

For example, you may not have had any taxable income after personal exemptions and your standard deduction; in that case the 1099-INT may have no effect at all.

Strictly speaking, you are required to report all of your income on your tax return, even if the amount has little or no impact on your taxes.

Having said that, if you don't amend your return to report this interest income, the IRS may send an automated notice later in the year proposing an increase in your taxes because of the unreported $150 in income. If you agree with the proposed increase you can just send them a check for that amount. You do not have to file an amended return.

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I just received 1099 INT from the bank for $150. I already filed our taxes as I was not expecting to receive this. What do I do now? Will it make a big impact?