If someone did their taxes and filed them, and then a bank interest statement for $24 came in the mail the next day, would it be worth filing an amended return? Does the IRS get that interest information, or only if you are audited? Asking for a friend. (Really.)
The bank reports it to the IRS. The IRS does matching of information returns (1099) to what you reported on your tax return (1040). The IRS sends a notice of proposed changes based on matching and a bill for additional tax along with interest and maybe a penalty.
The tax, interest, and penalty will be small. Wait for a letter from the IRS later this summer and send them a check if they catch your omission.
(I didn't stay at a Holiday Inn but I am a CPA)
Correct answer. (AICPA alumnus, ret.)
The limit is $10I think it could be too low to be reportable. Check the instructions for an amount over x amount.
The limit is $10
Here's a reason to not file so early.If someone did their taxes and filed them, and then a bank interest statement for $24 came in the mail the next day, would it be worth filing an amended return? Does the IRS get that interest information, or only if you are audited? Asking for a friend. (Really.)