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Level 2
posted Sep 28, 2022 9:16:32 AM

$2 interest

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

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1 Replies
Employee Tax Expert
Sep 28, 2022 9:36:59 AM

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.