topic Re: 1099 Int in After you file

1099 Int

kl-sylva — Mon, 17 Feb 2025 18:48:37 GMT

I submitted my return and subsequently located a 1099INT for $56. Should I bother with an amendment? It changes my refund by $16.

Re: 1099 Int

Bsch4477 — Mon, 17 Feb 2025 18:51:16 GMT

It’s your call but I would let the IRS adjust my return if they even deal with it.

Re: 1099 Int

NicolleR1 — Mon, 17 Feb 2025 19:30:08 GMT

If you don't amend your tax return, you might receive a future IRS letter adjusting your return for the missing income. Subsequently, the $16 difference will incur interest and penalties from the date your return is due (April 15, 2025). This will continue until the IRS adjusts your taxes and the amount is fully paid.

Re: 1099 Int

Bsch4477 — Mon, 17 Feb 2025 19:39:01 GMT

The penalty caps at 25% of tax owed.