So I cheated on my taxes

[heyelander]

I was filling out my taxes early in turbotax, and I got to my interest from one of my brokerage accounts. I went to get the 1099 from them but it said it wouldn't be posted until February 15th. I looked up what I got last year... a whopping $60 and quickly filled in $65 as a place holder, just so I could budget what I would be getting back (out of work right now, so the return will be a nice cushion). I intended to update it after i got the official 1099. I finished my taxes, and then turbo tax asked me if I wanted to file, and I glitched and said, Of course! I just got the 1099 and the actual value is $75!

Is this something I should at all be concerned about? I mean, will it throw a flag and delay anything?

[Fresno Bob]

I was filling out my taxes early in turbotax, and I got to my interest from one of my brokerage accounts. I went to get the 1099 from them but it said it wouldn't be posted until February 15th. I looked up what I got last year... a whopping $60 and quickly filled in $65 as a place holder, just so I could budget what I would be getting back (out of work right now, so the return will be a nice cushion). I intended to update it after i got the official 1099. I finished my taxes, and then turbo tax asked me if I wanted to file, and I glitched and said, Of course! I just got the 1099 and the actual value is $75!

Is this something I should at all be concerned about? I mean, will it throw a flag and delay anything?

send me a bitcoin immediately or I'll rat you out to the feds!

[Kevin Seitzer]

I was filling out my taxes early in turbotax, and I got to my interest from one of my brokerage accounts. I went to get the 1099 from them but it said it wouldn't be posted until February 15th. I looked up what I got last year... a whopping $60 and quickly filled in $65 as a place holder, just so I could budget what I would be getting back (out of work right now, so the return will be a nice cushion). I intended to update it after i got the official 1099. I finished my taxes, and then turbo tax asked me if I wanted to file, and I glitched and said, Of course! I just got the 1099 and the actual value is $75!

Is this something I should at all be concerned about? I mean, will it throw a flag and delay anything?

IIRC, the tax tables tax income in increments of $50, so chances are about 80% that it won't matter for your actual assessed tax.

And of course I'm not an expert in this, but I think the IRS will simply send you a correction and notice of additional tax due, if any. Or if you were getting a refund, they'll just automatically take it out of your refund before they give it to you. If it goes past April 15 before you find it, then you might owe a small penalty on top of the additional tax. I'm not sure whether it's more hassle for you to cross your fingers and hope you don't owe anything and absorb the penalty if you do, or to file an amended return. You can always file an amended return before April 15 and avoid any penalty.

Hmmm...now that I think about it. If you go into TurboTax, and change the interest amount from $65 to $75, does it say that your tax owed (or refund amount) change at all?

[overkill94]

Sounds like you’re going to pound me in the ass prison

[B-Fly]

Sounds like you’re going to pound me in the ass prison

The danger of omitting hyphens; I read this probably not as you intended. \

[revo]

You can always modify three years of prior taxes, if this is still weighing on your conscience next year.

[Gregg]

The danger of omitting hyphens; I read this probably not as you intended. \

Nicely played.

[Steve 2.0]

You can always modify three years of prior taxes, if this is still weighing on your conscience next year.

The danger of omitting hyphens; I read this probably not as you intended. \

[Steve 2.0]

You can always modify three years of prior taxes, if this is still weighing on your conscience next year.

I only have one question about this......what's a conscience?

[Fresno Bob]

I only have one question about this......what's a conscience?

its like a little green bug, smash it when you see it!

[Steve 2.0]

its like a little green bug, smash it when you see it!

Like this?:

[johnnya24]

Like this?:

[heyelander]

Hmmm...now that I think about it. If you go into TurboTax, and change the interest amount from $65 to $75, does it say that your tax owed (or refund amount) change at all?

So I did this, and I owe the fed (or would be getting Less of a return) $1 more...

Do I need to correct this?