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sunshinyday
September 28, 2022
Question

$2 interest

  • September 28, 2022
  • 1 reply
  • 0 views

Is an amended tax return necessary if savings interest was $2? 

    1 reply

    BrenEA
    BrenEA
    September 28, 2022

    That's a great question. For intrest the IRS looks for $10. or more to be reported as that may cause a change in the amount of tax you may owe. The 1099-INT reports this information to the IRS. For $2. it would not change the tax calculated on your return, so no amendment would be necessary.

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