1099 int? i've filed my tax early and have gotten my refund 2 weeks ago.got the 1099 int today?

Question

what is it? and will i get in trouble for not filing this with my tax return? interest income is only $11.17 with no federal tax withheld.thank for taking your time to read my question.

thanks stitchfan

Answer 1

Even for that small amount, assuming it changes your tax (and it probably will, by a dollar or two) you should file an amended return on a 1040X, showing the additional amount. What a pain! I'd call the bank or whoever sent you the 1099 and ask them why it was so late - it should have been in the mail by the end of January, so you should have had it a month ago.

If you don't file the amended return, at some point you'll probably get a letter from the IRS telling you that you owe the additional tax, plus interest (which on that tiny amount, can't be much), and telling you to send them a check unless you disagree with their bill. If you would have to pay someone to prepare the 1040X for you, it would probably be cheaper to just wait for this letter - could be months, could be a year or more.

Strictly speaking, you're supposed to file the amended return.

Answer 2

If you got a 1099, the IRS knows you have the income. They are being so picky lately that you might get a tax notice for the $11 of unreported income. The tax notice will include interest on any tax that is owed!

You are suppose to amend your return - form 1040X. Include a copy of the original return. You will probably get answers like, "Don't worry about it." "You'll never get caught." "Forget about the $11." However, you are suppose to report ALL your income, even that $10 you found on the street.

Answer 3

Do you have on line get entry to on your account? if so you could have the potential to look up how plenty interest that they paid you there. you do no longer pick the 1099-INT in hand, in simple terms the quantity which you earned.