#FilingTaxes #AmendedReturn #1099INT #TaxTips
So you’ve jumped the gun and filed your taxes before receiving a 1099-INT form with over $500, and now you’re wondering what to do next. Don’t worry, we’ve got you covered. 😊
First and foremost, it’s important to understand the implications of filing your taxes without including all of your income. Filing an amended return may be necessary to avoid penalties or potential audits from the IRS. Here’s what you need to know about your situation:
## What is Form 1099-INT?
Before we delve into whether you should file an amended return, let’s understand what Form 1099-INT is and why it’s important for your taxes.
– Form 1099-INT is used to report interest income that you’ve earned throughout the year. This could be from a bank account, a CD, or other interest-bearing accounts.
– It’s important to report this income on your tax return, as it is considered taxable by the IRS.
## Should I File an Amended Return?
Now that you understand the importance of reporting your 1099-INT income, let’s discuss whether you should file an amended return or wait it out.
– If you’ve already filed your taxes and realized that you omitted your 1099-INT income, it’s best to file an amended return as soon as possible. This will help you avoid any penalties or interest on the unreported income.
– Filing an amended return is a proactive approach to rectifying the mistake. It shows the IRS that you are willing to correct any errors and pay any additional taxes owed.
## When Should I File the Amended Return?
You mentioned that you’re unsure whether to wait until after you receive your tax return to file the amended return. Here’s what you should consider:
– Once you have all of your tax documents, including the 1099-INT, you should proceed with filing the amended return. This ensures that you are in compliance with the IRS regulations.
– Waiting to file the amended return can result in additional penalties and interest accruing on the unreported income. It’s best to take care of it as soon as possible to minimize any potential financial repercussions.
## Lesson Learned
It’s understandable that you may feel frustrated with the situation, but it’s important to remember that mistakes happen, and the best course of action is to address them promptly. Here are some key takeaways from your experience:
– Patience is key when it comes to filing taxes. Waiting for all of your tax documents before filing can prevent unnecessary stress and potential errors.
– Filing an amended return shows diligence and responsibility in correcting any mistakes on your taxes. It’s a proactive approach to ensuring compliance with the IRS.
In conclusion, if you find yourself in a situation where you’ve filed your taxes before receiving a 1099-INT form with over $500, it’s best to file an amended return as soon as possible. By doing so, you’re taking the necessary steps to rectify the omission and demonstrate compliance with IRS regulations. Remember, the goal is to file accurate and complete tax returns to avoid any potential penalties or audits.
We hope this information helps you navigate the next steps in addressing your tax situation. If you have further questions or need assistance with filing an amended return, don’t hesitate to reach out to a tax professional. It’s always better to seek guidance and ensure that your taxes are filed accurately and on time. Good luck! 😊
Do you know the actual amount you were paid? If so, no reason to wait. The 1099 is just a formality.
EDIT: after re-reading the question I think I misunderstood and you’re saying that you already filed and have received a 1099-INT that you didn’t include. In this case you will need to file an amended return if you didn’t account for the amount as expected.
Advice- and this goes to the sub since Ive seen this post a ton already.
there’s no rush to filing your taxes.
Amend after your original return is processed but before 4/15.
Was just sitting with my CPA on Friday and heard him joking utter – “if you file in January just plan on refiling. “
Advice to file an amended return after your original is processed is correct.
I recommend tracking your forms every year so this doesn’t happen again. I keep a spreadsheet with every institution and form I’m expecting, when I expect to receive it, and whether I’ve received it yet or not. I know what I’m still waiting on, if it’s late, and can reuse the spreadsheet from year to year. Understand what each is for (-INT for interest, -DIV for dividends, -B for brokerage trades, -R for retirement account distributions/rollovers/conversions, etc) as you might not necessarily have the same activity every year.
I always wait. Some years ago, a brokerage sent us an adjusted 1099 in late March for an error they discovered.
I have a family member who was a revenue agent for many years, and I asked them the same question about an albeit smaller amount. They told me that if it’s a 1099 that’s also reported to the IRS, doesn’t increase your tax liability (aka, you’re getting a refund), and the extra income doesn’t disqualify for some credit; odds are they’ll treat it like a math error, recalculate your refund, and you’ll get a form in the mail explaining what’s happened.
There’s a “should I file an amended return?” tool and a FAQ directly from the IRS: [https://www.irs.gov/newsroom/mistakes-happen-heres-when-to-file-an-amended-return](https://www.irs.gov/newsroom/mistakes-happen-heres-when-to-file-an-amended-return)
Whatever you do, don’t panic. The IRS is well aware taxes are complicated, and people make honest mistakes. Even if you’re in the top bracket, that extra $185 you’d owe is frankly small potatoes.
I keep a list of places where I expect 1099’s from. Once I get them all, I fill out my forms. Wait 24-48 hours and think to make sure I didn’t forget anything. Then I file.
I wait until March to do my Taxes. Usually I have everything by then. Sometimes I get Tax Forms after mid-April but usually dont go back and refile
No reason to file before mid February
I did the same thing! Did my partners taxes because they were super simple and then started doing mine. I wasn’t going to finish them but just start them. Ended up finishing them and forgot I had something else coming and filled them. The next day I got the 1099-misc and remembered that’s why I want supposed to finish them. To be fair, it was $1000 from the first week in Jan ’23 so I kept forgetting it was that year.
If you hold stock in a partnership, or have an interest in a trust, LLC, or S-corporation, you end up having to wait until practically April 14 to file taxes. K-1s are always very late.