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Discussion Starter #1
I failed to report $24.56 in taxable interest. I didn't get the 1099 until yesterday and simply forgot about that little account.

I'm getting a really nice refund, but now, should I be worried about federal marshals showing up at my front door demanding I fess up?!? Will I be hounded with menacing letters from the IRS stating I will have to sign a life long contract with them for payment including penalties and interest?!? Will I ever be able to assuage the guilt of this first sin of omission from my conscience if I do not file an amended return?!? Do I do nothing and pray I fly under the radar for the rest of my life?!?

Oh boy... Catholic-raised girls really do grapple with issues such as this.
 

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I failed to report $24.56 in taxable interest. I didn't get the 1099 until yesterday and simply forgot about that little account.

I'm getting a really nice refund, but now, should I be worried about federal marshals showing up at my front door demanding I fess up?!? Will I be hounded with menacing letters from the IRS stating I will have to sign a life long contract with them for payment including penalties and interest?!? Will I ever be able to assuage the guilt of this first sin of omission from my conscience if I do not file an amended return?!? Do I do nothing and pray I fly under the radar for the rest of my life?!?

Oh boy... Catholic-raised girls really do grapple with issues such as this.
Contact your local tax office and ask them. If the IRS doesn't catch it this year they probably have a few years to catch it and you don't want them getting interest on money you may owe them.............................(Money that they overpaid you because of that small oversight on your part).
 

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Do a 1099x and report it and write them a check for the difference based on your new adjusted refund...it shouldn't be that much. I've had that happen before but in my favor.
 

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Fix it now. They will catch it eventually and then it's interest and penalties. Nobody at the IRS has ever said, "It's such a small amount; never mind". Ever.
 

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Do a 1099x and report it and write them a check for the difference based on your new adjusted refund...it shouldn't be that much. I've had that happen before but in my favor.
That. A certain agency in Washington, D.C. also got a copy of that 1099 which will be matched to your return.
 

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To late, I already turned you in for the reward. I expect them to be there with in the hour.:ballchain:

(Next time try to do as much in cash under the table as you can.):spy:
 

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Don't do anything now. Wait until you get your refund. It is possible that they will catch the error and adjust your return for you. If not, and if the guilt is too much for you, file an 1040x and pay the $6.
 

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what maple said...leave it alone for now. i doubt you will be on their radar. i've had it happen before and nothing happened. no notices, no jail! :)
don't make a habit of it; but i would take the wait and see route.
plus, aren't all those stubs, etc. supposed to be to us by the end of January. Check your post mark,too, for safe keeping.
 

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We just got audited for our 2006...annoying, but everything was in order. I would want to fix it now.
 

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Discussion Starter #11
what maple said...leave it alone for now. i doubt you will be on their radar. i've had it happen before and nothing happened. no notices, no jail! :)
don't make a habit of it; but i would take the wait and see route.
plus, aren't all those stubs, etc. supposed to be to us by the end of January. Check your post mark,too, for safe keeping.

I'm not going to do anything right now. If memory serves (haha) the IRS caught an error on my return many, many years ago and they just made the adjustment. Also, I did keep the envelope the 1009 came in. It is postmarked February 1, 2010. I guess that makes my credit union a day late and so the IRS is a dollar short.
 

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Since the 31st fell on a Sunday, that actually might not be late.
 

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If memory serves (haha) the IRS caught an error on my return many, many years ago and they just made the adjustment.
Two or 3 years ago I received a letter (what they call a correspondence audit) asking me if I was sure I didn't qualify for the EITC. I was tempted to say, "You're right IRS, I should get that", but I didn't qualify. It was odd because it was almost like they were encouraging me to claim the credit, but if I did it would've been disallowed. I think their goal was to increase the number of people that qualify but never claim it, but I'm curious as to how many erroneous claims for the Earned Income Tax Credit they get due to the letter.
 

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I don't deal with the IRS, but Revenue Canada sent me a letter last year asking me if I was a new immigrant or a seasonal agricultural worker. Pardon me? I mean I've been filing my taxes since at least 1988. You'd have thought they'd have noticed. I filed as a non resident in 2005 because I was out of the country for a year. In the end I sent in the forms and asked them to figure it out because I couldn't and suddenly I'm a new immigrant? H&R Block couldn't help beause they didn't have anyone who could read the forms (all in Japanese)
 
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