TurboTax

File with experts
File your taxes
Experts at your fingertips

An expert helps with your taxes, or does them for you
TurboTax Expert Full Service

TurboTax Expert Assist

TurboTax Self-Employed
Prior year taxes
File myself
File myself
Do it yourself

We'll guide you step-by-step
TurboTax Do It Yourself

TurboTax Self-Employed

TurboTax Desktop
TurboTax Free

Activate your product

Prior year taxes
Business
Business
Business taxes

Get your T2 corporate return done right, your way
TurboTax Business

TurboTax Business Desktop
Tax situations
Tax situations
Tax situations

Find extra guidance for your big life moves
For investors

For 25 and younger

For self-employed

For new to Canada

For life changes
Resources
Resources
Resources

Explore tax tools, get tips, and read reviews
Personal income tax calculator

RRSP savings calculator

Learning hub

TurboTax support (FAQ)

TurboTax community
Pricing

Community

Question

1099 Int

Forum|Forum|1 year ago
February 17, 2025
3 replies
0 views

I submitted my return and subsequently located a 1099INT for $56. Should I bother with an amendment? It changes my refund by $16.

Employee

It’s your call but I would let the IRS adjust my return if they even deal with it.

If you don't amend your tax return, you might receive a future IRS letter adjusting your return for the missing income. Subsequently, the $16 difference will incur interest and penalties from the date your return is due (April 15, 2025). This will continue until the IRS adjusts your taxes and the amount is fully paid.

Employee

The penalty caps at 25% of tax owed.