My federal tax return got accepted on 2/6/20, and I just got a 1099-K form the next day from City Cab Orlando with an income of only $15.60. Should I file an amended tax return if that income is going to make any difference in the tax refund of $1,103 that I'll be receiving, or should I hold off on it until next year? And what are the tax penalties for missing forms on the tax return and how much are they?
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No. That won't change your return.
That answers my first question? What about my other questions?
If you wish to include it on your return, you must do it in 2019. Every tax year is separate. You would have to amend.
At most, it might be a couple of dollars off. You can also wait to see if you receive and IRS letter and then pay the amount, if any.
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