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posted Jan 27, 2020 11:35:37 AM

IF I received a 1099-INT form after i finished my tax return what do i do ? Do I just hold it for next year? Will this 1099-INT get me more money back in my refund?

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1 Best answer
Expert Alumni
Jan 27, 2020 12:05:06 PM

Form 1099-INT reports interest from banks, brokerages, and other financial institutions. The form will not increase your refund, it will actually increase your taxable income and should be reported as income in the same year the Interest was earned. 

If you already submitted your return you need to amend your return to add the form.

Until your return moves into accepted status you can not amend. (If your return gets rejected, make the necessary changes before re-sending or filing then you won't have to amend.)

1 Replies
Expert Alumni
Jan 27, 2020 12:05:06 PM

Form 1099-INT reports interest from banks, brokerages, and other financial institutions. The form will not increase your refund, it will actually increase your taxable income and should be reported as income in the same year the Interest was earned. 

If you already submitted your return you need to amend your return to add the form.

Until your return moves into accepted status you can not amend. (If your return gets rejected, make the necessary changes before re-sending or filing then you won't have to amend.)