Missed reporting interest payment in previous year's (2020) tax return ?

Hi,

I just realized that I missed reporting interest income of $61 in my 2020 tax return which I filed last year. I got no inquiry from IRS about the mismatch and online portal shows my return was accepted.

Now, do I need to do anything about it OR is it just accepted ?

I asked turbo tax on-call support and h&r block support, both are giving different answers:

- One said that I can simply report that $61 income in my 2021 tax return

- Other said I need to file an amendment for my 2020 tax return.

What is the correct way to handle this ?

Is there any IRS documentation online which covers specifically such a scenario ?

249

Level 15

Mar 27, 2022 10:25:49 PM

the correct answer is to amend. the question that can't be answered if you don't amend will the IRS send you a bill. you may want to review your 2020 tax return transcript. all "accepted" means is that the iRS got your return and found no errors that would cause an e-file rejection. omitting a 1099-int would not cause that

https://www.irs.gov/individuals/get-transcript

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Missed reporting interest payment in previous year's (2020) tax return ?