Do I need to refile my taxes?

Question

I just got a 1099 showing i earned interest on money I did not know I had. I already filed and got my refund (plus spent it). Do i need to refile or send a change or something?

Answer 1

First, answer some questions:

1) Did the IRS send you EXACTLY what you expected in return? They already got your 1099 and may have corrected your return for you.

2) If you got what you expected, then how much was the unreported income, and does it actually change your taxable amount? (If I remember, the tax charts are divided into lines in $50 incriments. If you don't move to the next line, then the income has no tax effect.) If your refund would be the same either way, no need to refile.

3) If you think you're going to owe money, or if you're not sure, fill out another 1040 form for practice just to make sure. This time, include the income.

4) If you owe something, you need to pay it or face some penalties and fines. You'll need a 1040-x (an amended return), and you CAN'T efile these. The deadline is April 15, same as everyone else.

Answer 2

I would file an amended return.

You are not declaring income you received, which is a NO NO to the IRS.

Now, I am not into tax compliance, but I can imagine you will have to pay that portion of the 1099 income plus interest and penalties.

I hope that was helpful and I am right.

Answer 3

If it is a very minor amount, I would wait for the IRS to tell you that you owe tax on it. You wouldn't have to pay anything if the tax owed on it is less than $1. However, you could file a 1040X to amend your previously filed tax return.

Answer 4

you need to send in an amended return which you can print one off on irs.gov website and send it in, believe me you need to do it in a hurry because me and my hubby got in trouble last year for something simular. just go and print it off
at the irs website, real easy to feel out the form is called 1040X an amended return.
just look under search for forms and type in amended return form

Answer 5

Yes, you need to file an amended return.