I forgot to file my 1099-INT from Chase bank - will IRS come after me?
So I messed up my taxes this year and completely forgot to include my 1099-INT when I filed. I opened a Chase savings account back in 2024 and when I e-filed my return, I only included my W-2 from work. After submitting everything, I was organizing my paperwork and found the 1099-INT showing about $270 in interest income. I'm freaking out a little - is this something the IRS is going to flag me for? It's not a huge amount but I know they get copies of these forms. Will I get in trouble for this? Should I file an amended return or just wait and see what happens? This is my first time dealing with interest income and I honestly just overlooked it when gathering my documents.
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Seraphina Delan
Don't panic! This is a common oversight and definitely fixable. The IRS does receive a copy of your 1099-INT from Chase, so they will eventually notice the discrepancy. But for a relatively small amount like $270, they'll typically just send you a notice with the adjustment and any additional tax you owe plus some interest. That said, I'd recommend being proactive and filing an amended return (Form 1040-X) rather than waiting for them to contact you. This shows good faith on your part. The process isn't difficult - you'll need to complete the amended return showing the additional interest income and recalculating your taxes. The extra tax will depend on your tax bracket, but it's likely to be a small amount.
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Jabari-Jo
•How long do you think they would take to notice and send a letter? I'm in a similar situation but with a 1099-INT from my credit union for about $180. Already filed in February and just realized my mistake.
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Seraphina Delan
•The IRS typically processes information returns like 1099s within a few months after the filing season ends. So you might receive a CP2000 notice (proposed tax change) in the late summer or fall. However, with their current backlog, it could be even longer - possibly 6-12 months before you hear anything. For your $180 situation, the tax impact is going to be minimal. If you're in the 22% bracket, that's only about $40 in additional tax. But filing an amended return now saves you from having to pay interest on that amount, which continues to accrue until you pay.
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Kristin Frank
I had almost the exact same issue last year and ended up using taxr.ai (https://taxr.ai) to help me figure out how to handle it. The service analyzed all my tax documents including the missed 1099-INT and walked me through exactly what to do for the amendment. They explained that the IRS matching program would eventually catch the discrepancy, but filing an amendment proactively avoided potential penalties. Their system flagged where the interest income needed to be reported on my 1040-X and estimated the additional tax I'd owe. Saved me from making more mistakes on the amendment and stressing about it for months.
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Micah Trail
•Did they actually prepare the amended return for you or just give advice? I'm not great with tax forms and wondering if this would do the work for me.
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Nia Watson
•How much does taxr.ai cost? Their website doesn't make it obvious and I'm skeptical of tax services that hide their pricing...
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Kristin Frank
•They didn't prepare the amendment for me, but they provided a step-by-step guide specific to my situation with clear instructions for each line on the 1040-X. Made it almost impossible to mess up, especially for something relatively simple like adding a 1099-INT. The cost varies based on what you need analyzed, but I found it reasonable considering what I would have paid an accountant just to look at my documents for a few minutes. They don't hide pricing, it's just that everyone's tax situation is different so they show you the cost after your initial document upload.
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Micah Trail
Just wanted to update here - I ended up trying taxr.ai after asking about it. Super helpful for my missed 1099-INT situation! They analyzed my documents and explained exactly where the interest goes on Form 1040 Schedule B and then how to complete the 1040-X amendment. The system showed me that I'd only owe about $30 in additional taxes because of my tax bracket. The peace of mind was worth it - no more worrying about surprise letters from the IRS months later. Already submitted my amendment last week!
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Alberto Souchard
If you're getting concerned about IRS notices, I used Claimyr (https://claimyr.com) to actually speak with an IRS agent about a similar situation. I couldn't get through on the regular IRS phone line for weeks - kept getting the "call volume too high" message and hangups. Claimyr got me connected to the IRS in about 15 minutes when I'd been trying for days on my own. There's a quick demo video at https://youtu.be/_kiP6q8DX5c that shows how it works. The IRS agent I spoke with confirmed that for small amounts like your $270, filing an amendment is the correct approach, and explained the timeline for processing.
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Katherine Shultz
•How does this even work? The IRS phone system is completely broken, how could any service possibly get through when nobody else can?
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Marcus Marsh
•This sounds like total BS to me. No way there's some magic service that can get through to the IRS when millions of people can't get past the busy signals. Probably just forwards you to the same hold queue everyone else sits in for hours.
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Alberto Souchard
•It uses a system that continuously dials and navigates the IRS phone tree until it gets through to a hold queue that's actually accepting callers. Most people give up after a few tries, but their system keeps trying until it makes it through. It's not magic, just automation that handles the frustrating part. Once they get a spot in line, they call you and connect you directly to that spot. You still might wait on hold a bit, but you're actually in the queue instead of getting hung up on repeatedly.
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Marcus Marsh
Ok so I was completely wrong about Claimyr. After dismissing it as BS, I was desperate enough to try it when I couldn't get through to the IRS about my own missed 1099 situation. Got connected to an agent in about 20 minutes after trying for literally weeks on my own. The IRS agent confirmed that for small interest amounts like we're discussing, they usually just send a notice with the adjustment after their matching program catches it. But filing an amendment proactively can save you interest charges that keep accumulating. They also mentioned that responding quickly to any notice is important to avoid escalation.
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Hailey O'Leary
I actually did this exact thing a few years ago - forgot a Capital One 1099-INT for about $300. I didn't amend and eventually got a letter from the IRS like 8 months later. They added the income, recalculated my tax (it was like $65 more), and charged interest from the original due date. The total with interest came to about $72. I just paid it and moved on with my life. No penalties or anything scary. Just be aware that if you wait for them to catch it, you'll pay a bit more in interest than if you amend now.
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Niko Ramsey
•Thanks for sharing your experience! Do you remember which form they sent you? And was there any indication that this would be recorded as some kind of violation that might trigger more scrutiny in the future?
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Hailey O'Leary
•They sent a CP2000 notice, which is just their automated underreporter notice - not an audit or anything serious. It's basically "we have information that doesn't match your return" with their proposed changes. There was no indication this would trigger additional scrutiny in the future. It's such a common occurrence and such a small amount that it's handled entirely by automated systems. They don't even consider it a serious issue - more like a math correction. I've had clean returns since then with no issues or follow-up audits.
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Cedric Chung
One thing nobody mentioned - the amount of EXTRA tax you'll owe depends on your overall income level and tax bracket. For $270 of interest income: - If you're in the 10% bracket: about $27 extra - If you're in the 12% bracket: about $32 extra - If you're in the 22% bracket: about $59 extra - Higher brackets: more obviously So if you're debating whether filing an amendment is worth the hassle, these are roughly the amounts at stake before interest.
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Talia Klein
•That assumes the interest income doesn't push you into a higher bracket though. If you're right at the boundary between brackets, even a small amount could increase your marginal rate.
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Cedric Chung
•True, but for $270 that would be incredibly rare. You'd have to be literally within $270 of a bracket threshold for that to happen. Most bracket jumps are thousands of dollars apart. For anyone concerned about this, you can check your last return to see how close you were to the next bracket threshold. The 2025 brackets have slightly different cutoffs than 2024, but they're close enough for estimating purposes.
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