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Level 2

Question

$2 interest

1 reply
16 views

Is an amended tax return necessary if savings interest was $2?

Level 2

That's a great question. For intrest the IRS looks for $10. or more to be reported as that may cause a change in the amount of tax you may owe. The 1099-INT reports this information to the IRS. For $2. it would not change the tax calculated on your return, so no amendment would be necessary.