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Level 1
posted Mar 13, 2021 4:27:27 PM

Do I need to amend?

Hi all,

 

So here’s my situation:

I already filed my taxes and received my return from the IRS, and I just now received a new 1099-OID that I was not told was even coming. The amounts are basically all 0 except box 2 which is like 5.56. Should I file an amended return? Or is it okay because the IRS has already approved my return? 

Thanks!

0 1 384
1 Replies
Level 1
Mar 13, 2021 4:44:56 PM

You have to include the $5,56 interest in your income. However, it is a small amount and won't change your refund for more than $2, therefore it will be easier for you to pay the difference later when it is discovered by the IRS than to amend your return now.