missed informing IRS of1099-INT

lsd · Post by **lsd** » Wed Mar 19, 2008 11:31 pm

When I filed 2007 tax this time I missed out on $18 which I received as interest from the bank. this happened as I didn't receive 1099-INT form the bank in time.
Do I need to file an amended return for this small amount?Any views on this isuue?
Thanks

hyderabadi2006 · Post by **hyderabadi2006** » Wed Mar 19, 2008 11:34 pm

Since its such a small amount, I wouldn't worry and even if IRS catches this, I don't think they will spend time and money to follow up on 18 dollars.

layman · Post by **layman** » Thu Mar 20, 2008 2:13 am

I thought banks don't issue 1099 if the interest is less than $20.

JaiSriRam · Post by **JaiSriRam** » Thu Mar 20, 2008 2:19 am

Why not file the amended return and have a peace of mind.

coolMBA · Post by **coolMBA** » Thu Mar 20, 2008 10:03 am

File an ammended return. This being said my friend once missed doing it for 150$ 3 years back and is yet to hear from the IRS. But it is better to have peace of mind. The tax on 18 $ will be negligible anyways.

dheeraj_handa · Post by **dheeraj_handa** » Thu Mar 20, 2008 7:12 pm

coolMBA;89770File an ammended return. This being said my friend once missed doing it for 150$ 3 years back and is yet to hear from the IRS. But it is better to have peace of mind. The tax on 18 $ will be negligible anyways.

its always better to have records clean, filing an amendment is the right thing to do, amendment cannot be filed online, one has to take help of the tax professional to file

Desi · Post by **Desi** » Thu Mar 20, 2008 7:52 pm

Chances are that $18 additional income will make zero difference in your taxes. However, you are aware of an under reporting due to late arrival of a 1099-INT. In this case the right thing to do is to file form 1040X.

Filing form 1040X is very easy. You do not need a tax professional.

Google "Form 1040X" and you should be able to print the form and instructions.

It is straight-forward. Post any questions here.

Also, I think your question belonged in the taxes sub forum and not in general.

Further, I think there may already be a thread on questions on 2007 taxes, where your question should have been posted lacking which the thread "My simple tax question" would have sufficed.

lsd · Post by **lsd** » Thu Mar 20, 2008 8:25 pm

Sorry for posting in the wrong forum. Pl. remove the thread if you feel so. Overall I got the answer I was looking for.
LSD

dheeraj_handa · Post by **dheeraj_handa** » Thu Mar 20, 2008 10:35 pm

Desi;89809Chances are that $18 additional income will make zero difference in your taxes. However, you are aware of an under reporting due to late arrival of a 1099-INT. In this case the right thing to do is to file form 1040X.

Filing form 1040X is very easy. You do not need a tax professional.

Google "Form 1040X" and you should be able to print the form and instructions.

It is straight-forward. Post any questions here.

Also, I think your question belonged in the taxes sub forum and not in general.

Further, I think there may already be a thread on questions on 2007 taxes, where your question should have been posted lacking which the thread "My simple tax question" would have sufficed.

what about State tax form. form 1040X is only federal.

Desi · Post by **Desi** » Thu Mar 20, 2008 10:54 pm

Then he can file a state 1040X form also. However, some states require that 1040X for the state be filed after the federal one is accepted. However, the federal govt does not tell you that they have "acce[ted". While there are other ways to check that (getting tax transcripts), all he needs to do is file state 1040 X also after a couple of months or so after federal is filed.

Nothing complex to state 1040X either.

Here for example, one can find 1040X for state of Illinois.

http://www.esmarttax.com/2007-illinois-form-1040-x.asp

For New Jersey:

NJ-1040X 2007

State of New Jersey Division of Taxation