Question : I forget/miss to report my tax on my saving/bank interest, what should I do?
i forget to report tax on my saving interest, how can I file this one since tax return season already end?should I wait next year or do it now?the interest is about $500, so do you think, if I file it next year, will I get late penalty?I just don't want to get in trouble...
- asked by christie
All Answers:
Answer #1
I believe you can either contact the irs directly.Or just wait until next year. If they haven'talready contacted you about it I do not think itis a big worry for you.
- answered by crescent090799
Answer #2
file an amended return. this means that you filethe correct return and file it for the tax yearjust passed. if additional taxes need to be paid,only a minimal interest may be charged but sinceyou are talking about bank interest of 500 itdepends on what tax bracket you belong to.
- answered by sunntonya
Answer #3
Go to irs.gov and download a form 1040-X--Amendedtax return. Don't wait until the IRS catches upto you or else they will penalize you. The firstcolumn of the form is your original return info,the next column reflects the changes to the return(the additional interest and the additional tax)and the last column is the correct information. Depending on your tax bracket, send in the amountyou calculated. IRS, bless their little hearts,will send you an interest due statement. Pay thatand then you'll be complete and legal. If youlive in a state that has an income tax, you willalso have to amend the state return.
- answered by IRENE THE BOOKIE
Answer #4
You need to file an amended return and include theadditional income (the interest), and pay whateverextra tax you owe. There will be interest, but on$500 for a couple months it won't be much.Anamended return goes on a form 1040X, and will bemailed in.You can't just include it with nextyear's return. It's 2006 income, so has to be onthe 2006 return.
- answered by Judy
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