I used Turbo Tax to E-file and right after I submitted I realized I did have a from from my bank regard interest received. A total of $24 dollars. I know I can’t re-file so what do I do?
Wait for E-file to report it was received by the IRS then fill out an amendment form
Print the return and mail it in marking revised on it
Wait for them to process the form and see my error?
Re-running it with the interest added does not alter my refund but I’m trying to avoid something that would cause an Audit.
Fill out the ammended form now and send it in. No need to wait; they’ll figure it out. This happens to me fairly often; I believe that signing the form causes a forgotten interest statement (usually for $3-4 or so, which will change my refund by a dollar or so) to appear in my mailbox.
For most people, even a $24 difference will change their taxable amounts. But if it actually doesn’t change the refund amount at all, I’d call the IRS first at one of their help numbers and see if you need to bother. Their goal is to collect revenue, not forms.
If it doesn’t change your tax, you can forget it. There will be no audit, people forget small items like this all the time. Hell, my Bro even did it one time when he was working for the IRS! You might get a IRP or URP notice, but don’t worry about it until then.
If you are still concerned, consult your tax professional or call the IRS toll free #.
Option 1 is the “good” one, with some caveats. Note that a 1040X must be mailed, you can’t e-file again. Unless I’m misinterpreting #2, that’s not the way to go, and is too much work. A return generally weighs more than a 1040X and thus may cost more in postage.
Option 3 may technically be “wrong,” as you’re not reporting all your income. However, a) they probably won’t catch it or even care, as DrDeth suggests. They definitely won’t audit you, the worst they will do is send you a letter saying that they adjusted your return. An audit requires them paying EAs many, many times what you would owe them. And b) tax brackets are in $50 increments, so it is unlikely that your tax owed will increase at all.
So there is really no need to worry, but call the IRS if you’re concerned.
Option 1 is the technically correct thing to do.
Option 2 is flat wrong and will only confuse matters. The only thing worse than pissing off the IRS is confusing them. Don’t do it.
Option 3 is the simplest & easiest thing to do. Make some notes to yourself now so if/when they notice this 15 months from now you’ll have some recollection of the facts.
Thank you all for the replies.
Not your issue but maybe you’ll get something from it.
I filed my taxes online via the service provided by the IRS. I was going off of a 1040 my tax preparer had done (don’t ask why he just didn’t file it online; long story) and it was rejected saying my W-2 withholdings didn’t match. I noticed he forgot a W-2, changed the withholding and sent it in where it was accepted. Then I realized that (A) I never adjusted the income gained to match all the W-2s and (B) the system never noticed it either.
I called the IRS and the fellow there told me to submit a new 1040, a 1040X, a check for the difference (the IRS had already direct deposited my return) and a letter of explanation. I’d think that a new 1040 AND a 1040X would only complicate things but he was clear about it and said he’d note my file to explain what was going on.
Sent it all in but that was too recently to find out if we’re all cool now.
It looks like you good of your thread title.