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hiltj89
New Member

I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

 
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I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

Not for that little amount ... just put it with the rest of your papers in case you need it later. 

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I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

Not for that little amount ... just put it with the rest of your papers in case you need it later. 

jtax
Level 10

I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

The amount doesn't affect the law. But you don't *have* to file an amended return because there is no duty to correct an unintentional mistake. However, the IRS could match and send you a bill. I agree this is unlikely for $17 of missing and would not worry about it. Even if you added the $17 it might  not result in any more tax owed. If the amount were larger you could file an amended return to avoid interest and/or penalties.
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I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

The law says you should amend and if you have any other reason to amend then add that interest in ... but for that little amount the IRS will overlook it.
jtax
Level 10

I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

@Critter#2, can you give a citation to the law that says you should amend? There is no such law. There is no duty to amend an tax return. The literature is replete with articles like this. <a rel="nofollow" target="_blank" href="https://www.aicpastore.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2009/Tax/AmendedRetur...> ... "Legally, taxpayers are required to accurately compute and report their income, deductions, credits and tax liability on a timely filed return. However, there appears to be no authority in the Internal Revenue Code (IRC), the regulations or case law that imposes a legal duty on a taxpayer to file an amended return to correct an error or omission on a return previously filed. This is true regardless of whether the error omission has resulted in an understatement of tax due or whether the statute of limitations is still open with respect to that year."
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I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

If the error is in the IRS's favor then they could care less if you amend it ... however if it is not and they catch it before you do then they can & will impose penalties & interest.  In this case the amount is so small that the IRS will overlook it so no amended return is required.

I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

If you didn't file an accurate return then you should amend it ...however not all things must be amended per the IRS:

<a rel="nofollow" target="_blank" href="https://www.irs.gov/taxtopics/tc308">https://www.irs.gov/taxtopics/tc308</a>
jtax
Level 10

I already filed my taxes, but I just got a 1099-INT from my bank (which I've never received before). The interest income is only $17. Do I need to do anything?

That does not say that you MUST amend your return in any circumstance. There is no authority for a duty to amend that I know of. Of course you may want to amend, but there is no requirement to do so. (Also IRS publications are not law and can be wrong. You cannot rely on them other than to avoid an accuracy penalty).
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