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Amend 2022 tax to include 4-week T-bill with $77 interest - adjust the taxable amount?

I purchased 4-week T-bill from treasurydirect in 2022, and it turned out that treasurydirect does not mail 1099-INT, and I forgot to include the $77 interest in the 2022 tax return. I am now trying to amend my tax return, and after entering the 1099-INT information (I only have $77 in Box 3, and not information in other boxes), turbotax calculates that I have $19 federal tax due, and asks me if several uncommon situations apply. Among all those situations, I am not sure if the taxable amount needs to be adjusted. Would you please let me know if I shall check this box that says "we need to adjust the taxable amount", or how can I figure it out?

 

Please let me know if I shall provide any additional information. Thanks! 

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1 Reply
LindaS5247
Expert Alumni

Amend 2022 tax to include 4-week T-bill with $77 interest - adjust the taxable amount?

No, you should not have to adjust the amount.

 

Remember when filing an amended return:

 

You might need to file an amended return if any of the following are true:

  • You got more documents or tax forms in the mail
  • You need to correct something on your return
  • You need to add or remove a dependent
  • Or you want to take another credit or deduction you didn’t take the first time.

Before you amend your return, here are three things you need to know.

First, make sure you got your refund or paid your taxes due from the originally filed return; you want to make sure the government doesn’t get confused with your money, so the original return needs to be all squared away before you amend.

Second, print a copy of your original return and have it right by your side when you start to amend in TurboTax. Trust us; this is really important.

Third, you can amend this year’s return only with this year’s version of TurboTax. If you want to amend your return from a prior year, use that year’s version of TurboTax.


 

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