You will most likely receive a notice from the IRS with an assessment for additional taxes (if this actually changes your tax owed).
If this happens, you will simply have to respond to the notice agreeing with their assessment and pay the money owed. Please note that for this small of an amount of income, there may be no tax consequence at all.
If you are very concerned about it, you do have the option to amend your return (if already filed) to include the income.
You will need to wait until your original tax return is processed by the IRS before filing an amended return. If you are receiving a refund, you should wait until the check is issued or you receive your direct deposit.
You should not have any problems or penalties assessed to you if you file the amended return and pay any taxes owed by April 18, 2017.
The article below has specific amendment instructions for 2016:
When you have prepared your amended return and are ready to mail Form 1040-X you should include the following forms:
- The new (amended) Form 1040
- Any forms or schedules that were added or changed as a result of preparing the amendment
Please note that 1040-X cannot be e-filed - you will need to mail a paper return. It takes the IRS at least 2 - 3 months (and sometime up to 6 months) to process amended returns. Also, depending on whether the changes affect your numbers, you may also be required to file an amended return with your state.
