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Fiji1954
Returning Member

The interest on my savings was less than $5.00 for 2015, 2016 and 2017. I didn't report it in 2015 and 2016. Do I have to amend my 2015 and 2016 tax return?

 
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Marketstar
Level 7

The interest on my savings was less than $5.00 for 2015, 2016 and 2017. I didn't report it in 2015 and 2016. Do I have to amend my 2015 and 2016 tax return?

Yes you should prepare an amendment for your 2015 and 2016 returns as the IRS expects taxpayers to report all income-unless your interest was below $.50.

However, when you amend, if the result does not make a difference, you can disregard it.

If the result does change, print and mail the amendment (it cannot be e-filed) and allow about 16 weeks for processing.

See How Do I Amend a Return Already Filed?

Do claim your interest income for 2017 if it is over $.50.


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2 Replies
Marketstar
Level 7

The interest on my savings was less than $5.00 for 2015, 2016 and 2017. I didn't report it in 2015 and 2016. Do I have to amend my 2015 and 2016 tax return?

Yes you should prepare an amendment for your 2015 and 2016 returns as the IRS expects taxpayers to report all income-unless your interest was below $.50.

However, when you amend, if the result does not make a difference, you can disregard it.

If the result does change, print and mail the amendment (it cannot be e-filed) and allow about 16 weeks for processing.

See How Do I Amend a Return Already Filed?

Do claim your interest income for 2017 if it is over $.50.


Marketstar
Level 7

The interest on my savings was less than $5.00 for 2015, 2016 and 2017. I didn't report it in 2015 and 2016. Do I have to amend my 2015 and 2016 tax return?

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