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Received a 1099-INT form from Wells Fargo after I filed my taxes. Do I need to amend my tax return?

I received the form because of a promotion from them that if you opened up an account you would receive $100. So, the 1099 us for $100.

Do I need to amend my tax return to show this or is it under a certain threshold for having to pay taxes on it?

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  • 2 months ago
    Favorite Answer

    Technically you do but the amount of tax involved would be small. Wait until your refund then file the amended return.

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  • 2 months ago

    Yes. Definitely. This isn't even close. Even if it was just $10, you would have to pay taxes on it. Officially, if you file, then you must pay tax on it regardless of the amount; there is no "threshold". Unofficially, you can usually get away with not paying tax on it if it is under $10 AND you do not get a 1099. But the threshold for that is only $10, not $100 -- and if you do get a 1099, then there is no threshold at all; you have to pay tax on it even if it's under $10.

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  • 2 months ago

    Yes, you need to amend.

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  • Anonymous
    2 months ago

    Yes, you need to amend your return.  Once you get a 1099-INT, there is no threshold.

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  • Anonymous
    2 months ago

    If you didn't include the $100 income on your tax return, yes, you are supposed to file an amended tax return.   You are legally obligated to file an accurate return.

    That being said, if you made too little to owe any federal tax, it probably won't be an issue.   If you owed federal income tax in 2019, you owe tax on this $100 too.  

    If you don't file an amended return, the IRS may just deduct what you owe from any refund due or they will send you a bill for what you owe (including penalties and interest).

    If you file an amended return by the due date you can avoid penalties and interest.

    • boidae212 months agoReport

      Thank you. I will file. An amended return after I get my refund. Don't need it held up any longer. 

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  • 2 months ago

    In principle, you are supposed to report everything, but if it made no difference in your taxes, you could skip it. BUT, this will make a difference, since the tax tables go up in increments of $50 of income, you will go up by whatever bracket you are in.  If you are at 15%, you will owe $15.  If you can amend for free, do it.  If you can't do it for free, you can wait for the IRS to catch it and send you a bill for interest and penalties, which won't be very big on $15.

    • boidae212 months agoReport

      Thanks! Will file an amended return after I get my refund. 

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  • Anonymous
    2 months ago

    yes........................................

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  • 2 months ago

    Technically, yes.  The "threshold" for reporting income if you are over the filing requirement is 49 cents as everything is rounded to the nearest dollar.

    An additional $100 will definitely change your tax liability unless you were under the income filing requirement for your filing status.

    Option 1)  Amend and pay the additional funds by 4/15.  There will be no penalties or interest.

    Option 2)  Wait for the IRS to catch it in 6-12 months.  In this case, there will be interest but it won't be too much.

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