Received 1099-INT Late From Bank in June

[jcz500]

I received a 1099-INT from a bank in June.  They said they conducted a review of their internal operations and realize they should have sent this 1099-INT but did not do so earlier.  

What should I do?  File an amended tax return? 

Does the bank owe me anything for being late with this 1099-INT?

[DoninGA]

You will have to file an amended return to report the interest received.   However if the interest income does not change your tax return so that you either do not owe or have a refund then there is no need to file the amended return.

The bank owes you nothing just because the the sent you a late Form 1099-INT.

An amended return, Form 1040-X, can only be printed and mailed to the IRS if the original tax return was not e-filed. The IRS will take up to 20 weeks or longer to process an amended tax return.

Before starting to amend the tax return, wait for the tax refund to be received or the taxes due to be paid and processed by the IRS.

See this TurboTax support FAQ for amending a tax return - https://ttlc.intuit.com/turbotax-support/en-us/help-article/tax-return/amend-change-correct-return-a...

[rjs]

Did you report the interest on your tax return, even though you hadn't received the 1099-INT? Presumably you knew from your bank statement that you received the interest. You have to report all your income, whether or not you get a 1099. If you reported the interest, you do not have to file an amended return because of the 1099-INT.

You didn't say how much the interest is. If it's a small amount, or will make only a small difference in your tax, you don't have to file an amended return for it, even if you didn't report it. There is no official rule about what is a "small amount" that doesn't require amending. As a rough rule of thumb I would suggest that if the unreported interest is less than $50, or the difference in your tax is less than $20, it's not necessary to file an amended return.

[Opus 17]

You should have reported the interest income from your own records and account statements,  even if you did not receive a 1099. If you reported the income, you don’t have to amend anything now that the bank has sent a 1099.

In general, a bank is not required to issue a 1099-INT if they pay less than $5 of interest, but you are still expected to report that on your tax return.  Certain incentives may also be considered taxable interest, such as a $100 bonus if you deposit $10,000 or more. Even though that bonus was not part of a regular interest calculation, it is considered taxable interest. That income was also taxable at the time from your own records, even if you didn’t get a 1099.

Because you are required to report all of your taxable income even if you don’t get paperwork, you do not have recourse against your bank if you filed an incorrect tax return, and now owe interest or penalties, because you left some of your income off your original tax return.