I forgot to add small amount to my federal taxes??

[abcboys]

I filed a couple of days ago and today I see I have a 1099-INT for $14 that I failed to add. Do I need to file an amended return? Is this small of an amount really worth doing....but I don't want to get in trouble.

 

[msmayor]

Its possible that once your return goes through the matching process, the difference will be noted and an audit notice could be sent. It could happen two months from now; it could happen 18 months from now. It could never happen.

Because its such a small amount I would probably wait to file an amended return until your original return is fully processed.

This is one of the drawbacks in filing before the deadlines that employers/companies have to send out their reporting forms to individuals. You may miss something you needed for your return and have to amend.

 

[abcboys]

Yeah, I guess I need to redo it. I went back into tax act, added the $14 difference in to our income and our refund went down $14. Guess there was no point in the added interest now was there

 

[deerhart]

I had to file an amended return several years ago because when I cleared out my 401(k) the company didn't send me the tax documents until mid MARCH and I had completely forgotten about it.

What was even worse, was that it didn't change our taxes at all (since they had already held out and paid the taxes when they issued us the money)

*sigh*

 

[MickeyMomTo2]

My husband called the IRS for the same reason. Our difference was about 100. They told him to wait until it was processed, and then file the amended return. Sending the amended return before the original is processed could lead to confusion. She said it was unlikely that they would notice the discrepancy initially, so he would probably need to send a check with the amended return.

 

[Duckyiam71]

If you dont, as a PP it will trigger an audit. We received a 1099 for some stocks and about 3 months later we received a letter from the IRS. We owed them $300. My point is yes you can try an amend but if you dont they will trigger an audit. I gotta love tax time(sarcasm!).

 

[shelly3girls]

One year we forgot our ING interest. A couple months later we received a bill (only a couple of dollars). We sent the payment in right away and it was no big deal.