Yes. The income should be reported in the correct year. If you reported interest income in the wrong tax year you may need to amend the year where the interest was incorrectly reported. To avoid being taxed twice on the same income, you must amend the 2023 to remove the income and remember to include the income on the 2024 tax return.
However, if you filed a 2023 tax return already you will need to wait until that return has been processed before amending. Processed means that the IRS has received the return and you have received your refund. For 2023, we know that it has not been processed yet because the IRS will start processing returns on January 29, 2024.
TurboTax allows you to amend for free. f you used TurboTax Online, simply log in to your account and select “Amend a return that was filed and accepted.” If you used our CD/download product, sign back into your return and select “Amend a filed return.”
Or
If the 2023 tax return was rejected, you still have the opportunity to correct the return before it is accepted by the IRS.
If your e-file is rejected, TurboTax will tell you exactly why, and give you the steps to correct it. You'll be able to resubmit your corrected return and be able to remove the income before re-submitting and no amendment will be necessary.
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