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After you file
You should amend it to make it accurate without delay.
If a 1099-INT has been issued, the IRS knows that. They’ll do computer matching on tax returns. And you might get hit with a small late-payment penalty for failing to claim interest income. If the IRS sends a notice, you typically have to pay a penalty of 0.5% of the tax owed. This charge is per month after the tax deadline.
Reporting all income, no matter how small, is the rule.
If a 1099-INT has been issued, the IRS knows that. They’ll do computer matching on tax returns. And you might get hit with a small late-payment penalty for failing to claim interest income. If the IRS sends a notice, you typically have to pay a penalty of 0.5% of the tax owed. This charge is per month after the tax deadline.
Reporting all income, no matter how small, is the rule.
How to amend (change or correct) a return you already filed https://ttlc.intuit.com/replies/3288565
Make a Mistake? Amend Your Tax Return https://www.irs.gov/newsroom/make-a-mistake-amend-your-tax-return
June 6, 2019
7:36 AM