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New Member
posted May 31, 2019 5:02:56 PM

Taxable interest from amended return?

I filed an amended return last year, and got a statement in the mail from the IRS that I had received $12.50 in interest from the government (since they had my return longer than they normally would.) The letter says this is taxable income and I need to file it, but I don't know where.

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1 Best answer
Expert Alumni
May 31, 2019 5:02:57 PM

You would report the $12.50 of interest income in the Income Section, Interest and Dividends, Interest on 1099-INT.  The interest amount goes in Box 1.

3 Replies
Expert Alumni
May 31, 2019 5:02:57 PM

You would report the $12.50 of interest income in the Income Section, Interest and Dividends, Interest on 1099-INT.  The interest amount goes in Box 1.

New Member
May 31, 2019 5:02:59 PM

Is there a way to correct this if taxes has already been done?

Expert Alumni
Jun 11, 2019 8:15:44 AM

You could file an amended return.  If you fail to include interest reported to you by the IRS, they will "adjust" your return to include it and bill you for any additional tax.  It's just a question of how long it will take them to do it.  Interest and penalties (if applicable would continue to accrue).