Should I amend or wait?

Forum|Forum|2 years ago
April 11, 2024
1 reply
1 view

I failed to report $27.00 0f interest income on my 2023 return. I'm due a refund for Federal and State taxes. Should I amend the returns now or wait until I get the refunds. Returns have been accepted. Thank You

MarilynG

Level 15

Wait until you receive your refund to submit your Amended Return. It will not 'catch up' to your original return and correct it; it will be processed separately and may take several weeks.

Be sure to save a copy of your originally filed return. You may want to see if the additional $27 actually changes the bottom line of your original return. If not, you don't need to amend; just keep the documentation for the interest in case the IRS inquires. Click here for more info on Do I Need to Amend?

Here's detailed instructions on How to Amend Your Tax Return.

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