Should I file an amended return?

[phb33]

Hi, I discovered that the "Yes" column for line 8 on1040 schedule B (received distribution from or were a grantor to foreign trusts) is incorrectly checked for 2023. Should I file an amended return to fix this? The IRS ITA tool is suggesting that I don't need to file one.

[tagteam]

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@phb33 wrote:

........ IRS ITA tool is suggesting that I don't need to file one.

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If you don't need to file one, the don't since you can (likely) explain any disparity if ever questioned.

@pk?

[pk · Accepted solution]

@phb33  this checkmark is important  if there is a need for form 3520  ( US$100,000 threshold ).  Thus  I do not believe that a misplaced check mark   requires  the curative  1040-X ( amended return ).  There is a possibility that the IRS may send you a  note requesting form 3520 ( but it highly  unlikely ).  So no need for an amended return .

Is there more I can do for you ?