Forgot 1099 INT for $300

[clarita69]

Forgot to include $300 from 1099 INT after opening a new checking account.  I am already getting a $5K refund.  Is this a problem?

[clarita69]

Will the IRS automatically adjust because I need to efile this week and the Bank said that due to computer software problem they will not generate the 1099 INT until middle of Feb 2017

[DianeW]

No the IRS will not adjust it for quite some time which will accumulate interest and penalty.  You can use your statements to figure out the total interest earned and add it to your return.

[krystaljean20]

The same thing happened to me. Is it possible to still receive my refund before amending, and take care of it after?

[VolvoGirl]

If you already filed you will get the first refund.  After you get the refund you can amend using the instructions below.

[krystaljean20]

Thank you for the response! So it’s typical for the IRS to still send a refund even when this form is missing?

[DianeW]

It is required to be reported on your tax return and it will have an affect on your refund.  You may owe some money back on this additional income.  

• Accepted Return:  You can add it by completing an amended return if you have already filed your return and the IRS has accepted it.  
• Rejected Return:  If your return has been rejected, you can add that to your return before you resend it a second time.
  

As soon as TurboTax has the amended forms ready you can prepare the amendment so that you know the final results as soon as possible.  It is not recommended to file the amended return until the IRS has finished processing the original return.  The instructions below will provide what you need to know.  It's important to read all the instructions before you begin.

https://ttlc.intuit.com/replies/3288565

[clarita69]

YOUR RESPONSE WAS A YEAR LATE (WHEN I WAS NOT EVEN USING TURBO TAX) AND MAKES THE COMPANY LOOK FOOLISH ANSWERING A QUESTION FROM ONE YEAR AGO!!!  I WILL WORRY ABOUT THE PROBLEM AT A LATER TIME AND PAY THE MINIMAL INTEREST, IF ANY.  IN FACT, THE IRS HAS ALREADY ANSWERED THIS QUESTION AND STATED THAT EVEN WITHOUT THIS AMOUNT ADDED TO THE RETURN IT WOULD NOT CHANGE ANYTHING AND THAT THEY WOULD NOT EVEN BOTHER!!!  PLEASE DO NOT COMMENT ON THIS ISSUE AGAIN!!!  THANK YOU

[krystaljean20]

Hi, I only commented because I had the same thing happen to me this year, and I’m trying to figure out if it will delay my return or not. I hope not!

[Longrod95]

I’m in the exact situation you were in except I was using turbo tax and Had already filed my federal return when I received the 1099-int for 300$ for opening a new checking account. Should I amend or do what you do/did? Your response is greatly appreciated.

[KarenM90]

Yes, you will need to amend if your return was Accepted.  All Interest income information is required to be included on your return.  

You can Amend within Turbo Tax but I recommend that you wait until after at least the 2nd week of February to ensure that you have received all necessary information so that you do not need to amend again.

To Amend your return using TurboTax Online:  

1.   Sign in to your TurboTax Account.

2.   Scroll down to My Tax Return & Documents

3.   Select 2019

4.   Choose Amend (Change) your return.  

5.    You only need to make changes to the areas that have changed since you filed.  

To Amend your return in the Desktop Version of Turbo Tax:

1.  Open TurboTax

2.  Choose the Menu for Other Tax Situations

3.  Scroll down to  Other Tax Forms

4.  Choose Amend a Return and follow the prompts to make the necessary changes.

Your amended return will need to be printed and mailed, as IRS does not accept efiled Amended Returns.  The address information will be included when you print the Amended Return.

Here is some detailed information regarding your Amended Return from IRS:

Amending your Tax Return

Here are the step by step instructions and more detailed information regarding Amending your return using Turbo Tax Online:

Amending my Tax Return in Turbo Tax Online