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
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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.
Marilyn, thank you for your help.
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