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Forgot 1099-INt $700

I forgot a 1099-INT for a bank account that had $700 interest. I just submitted my taxes yesterday and they just were accepted.
Do I need to wait for them to process and receive my first payment before I amend? 
how does the amendment and payment process work ? On the irs website, if I owe money on the amendment, would I just choose “amended return” for the payment type 
Next year when I file would I use the agi and information off the amended return? 

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5 Replies
MaryK4
Expert Alumni

Forgot 1099-INt $700

It is usually best to wait for the original return to be processed before you amend, but since it is so close to the tax deadline and you are adding income, you may want to go ahead and do it as soon as you get the notice it was accepted.  You would be able to make payment for the amendment when you submit the amended return, and yes next year you will use the AGI and information from the amended return.

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Forgot 1099-INt $700

just to clarify, if my taxes were accepted (not processed), I can go ahead and amend and pay the taxes I owe from the amendment via the irs website before 4/15 even though my original payment has not gone through? 

MaryK4
Expert Alumni

Forgot 1099-INt $700

Yes, your payment with the amended return will only be the additional amount you owe- the IRS will process the original first ad take the first payment.  It is  a good idea to check that both payments are processed (maybe about in a month because it may take longer because of volume) because it will be easier to make sure it is all correct.  @giner05 

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Forgot 1099-INt $700

I just read I could file a superseded return before April 15. Is that a different process than an amendment on turbo tax ? 
If my returns have been accepted already, what is the process for a superseding return? 

RobertB4444
Employee Tax Expert

Forgot 1099-INt $700

You can't file a superseded tax return with TurboTax software.  You'll have to paper file it.  You print it out and mail it with the words "Superseding Return" written across the top.  

 

You can accomplish the same thing by filing an amended return before April 15th.  And you can do that electronically.  It's just recommended to wait until the first return is processed.  It's not required.  

 

@giner05 

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