DawnC
Employee Tax Expert

After you file

You will need to do an amendment, but don't worry about it now.  The threshold for reporting interest is 51 cent if you are otherwise required to file a return.   If that $14 was your only income, you could ignore it since you would not be required to file a tax return.   But since you are required to file a tax return, you have to report all of your income, including tiny interest payments from the IRS.   However, it is very unlikely that the processing of your return will be held up in any way.    The IRS will process it and end up sending you a letter some time down the road.  

 

You have 3 year to do the amendment to add the $14; that is why I say do not worry about it right now.    They will eventually send you a letter if you don't amend before that.   The amendment software will be available at the end of February.   I will leave the instructions here so you can come back later or even after tax season and submit it.   And amendments can now be e-filed, so it should be a fairly simple process to add the 1099-INT.   

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