ToddL
New Member

Get your taxes done using TurboTax

You are only required to report income on your tax return, so you do not have to report a Form 1099-B that doesn't have an amount in Box 1d (Sales Price).

If you fail to report the 1099-INT, the IRS will 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 is necessary, so you won't have to upgrade.

The IRS uses this simplified procedure since 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, are imbedded in your brokerage statement or get tossed along with junk mail.