1099-INT Amendment and Reporting understanding Tax Year 2023

[fluxquantum94]

To whom it may concern. I recently submitted an amendment because I misreported the value reported in my 1099-INT after using turbotax to import the forms. It was imported as a duplicate.

The amount itself was super small, it was original reported as .12 cents instead of .06 cents. So it actually had zero impact on my refund or taxes owed. Assuming the IRS will check if the 1099-INT reported to them matches what I filed, I decided to be cautious and file an amendment.

In the future, if the impact of the tax refund or tax owed is trivial was it still prudent to file an amend form in this case?

As a part 2 questions, perhaps similarly relevant if my checking account paid out monthly interest, in my case it was total of .06 cents for 2023 but I didn't include it in my taxes mainly because a 1099-INT was NOT provided, do I need to report this number as well and add it to my schedule B?

In general, if I do not receive a 1099-INT does the IRS then not receive it?

Thank you for your time.

[MinhT1 · Accepted solution]

1. All numbers on a tax return are rounded to the nearest dollar, 0 to 49 cents rounded down, 50 cents and over, rounded up.

In the future, you can safely ignore any form reporting income of 49 cents or less.

You didn't have to report 6 cents or 12 cents, and you didn't have to amend. But no harm if you did.

2. You can safely ignore the interest of 6 cents. For interest, the bank won't send you a form 1099-INT if the interest amount is less than $10. If form 1099-INT isn't issued to you, then the IRS doesn't have it either.

But you would have to report interest as if you received a form 1099-INT if it's 50 cents (rounded to $1) or over.