What do I do if I received a 1099-INT form and I already filed my taxes

[ToddL · Accepted solution]

This is very common and no reason for concern

Technically, you would have to wait until your originally filed return is fully processed and then amend your return to add the missing 1099.

As a practical matter, however, it is extremely common to omit reporting a Form 1099. You file before they arrive, they get lost in the mail, get lost in your house or get tossed along with junk mail.

If you don't file an amended return to report the 1099, the IRS may send you an automated Notice of Proposed Increase in Taxes later this year. 

They will calculate the tax due (plus interest and penalties) and you can send them a check (no amended return necessary). 

[TMS69]

Does the IRS delay your refund if you didn't add your 1099 -INT ? 

[AmyC]

No, it waits 2-3 years then sends you a letter with a penalty. If the interest is a small amount, it may not affect your taxes or create a small change that the IRS may be willing to overlook. However, if there is enough of a difference, the IRS will care and you should beat them to it and file an amended return by April 18 and pay the amount due before then to avoid any future penalties.

I would recommend you e-file an amended return as soon as the original return is completely finished- all payments have cleared the banks. E-filing will shorten the processing issues. Please:

• Save a copy of the original return before doing an amended return.
• See how to file an amended return.
• Follow your amend at track an amended return 
• See Can I e-file my amended state return? or I need to amend my state return.
• I recommend mailing with tracking to ensure safe delivery to your state, if mailing is needed.

[Tiffanywill95]

Okay so I am having an issue I’ve never had before. I already filed my federal return and I just revised a 1099-int for the amount of $250.61 that is from the irs itself I’m assuming from a delayed refund a year or two prior. I am not sure what to do or if my refund will get delayed again or if I can just file it on next years. Or can I receive my refund and then amend it? Or if I can even amend it on turbo tax. 

[Tiffanywill95]

Received not revised.

[Critter-3]

@Tiffanywill95    It must go on the 2022 return ... it cannot wait until last year.

If you have already filed and the return is pending it is too late to make any changes  UNLESS the return gets rejected ... then you can make any changes needed and refile. 

Can I change my return if I already submitted it and you’re holding it until the IRS opens?

No. Once you submit your return, it’s considered to be in pending status. We’ll hold all returns submitted before the IRS opens and submit them when the IRS is open.  Processing of returns is expected to start on or about 1/23 however some returns may be pulled earlier in test batches so watch your email for alerts. 

Once the IRS either accepts or rejects your return:

• If your return is accepted: If you want to change your return, you’ll need to amend it AFTER the original return has fully processed an you have the original refund in hand or have paid the original balance due.
• If your return is rejected: We'll send you an email to notify you, along with instructions on what to do. You can then open your return and make any changes you would like. Just be sure to fix the reason the return was rejected as well.

 The IRS is not accepting returns at this time, so it can sometimes take longer than the initial 24-48 hours before you know if they have accepted or rejected your return. This generally happens around this time when e-filing has not opened yet.  Keep in mind, they will not officially start accepting e-filed returns until January 23rd.   A few may be accepted early to start testing their systems, but they would not start processing until on or after 1/23/2023.

[Tiffanywill95]

So I should still receive my refund after it’s accepted and then after getting my refund I can amend it to add the 1099-int of $250 which shouldn’t really impact much considering it was interest that irs paid me on them holding a previous refund.

[JohnB5677]

Yes, that is correct but understand that when you start your amended return it will show zero in the tax due/refund box.  As you enter the new document you will start to get new numbers.  This is the tax due or refund after you got the refund.