Jerni

I'm freaking out a little (to put it mildly) - while doing our taxes this year I've noticed that last years taxes were filed without a schedule B.

Our interest income for the year was under $1500 but I know I wouldn't have clicked 'no' to the question about foreign accounts, so I'm confused. Also, I have an old current account with a UK bank, it had a couple of hundred pounds throughout that year and made around 80p in interest, I did not realize this should have been reported using a separate 1099-INT so I forgot to include it.

The only two situations I can think of for the missing schedule B are (1) I misread a question thinking since it's under 10,000 I don't need to declare it (unlikely but possible) (2) We accidently deleted schedule B when we had a TurboTax error - we inputted our mortgage interest as interest income, which we then deleted, but that caused an problem during the error check, TurboTax tech support walked us through manually deleting the entry.

Anyway either way no schedule B was submitted last year. I re-did the 2013 taxes and nothing changes, the refund amounts are the same.

I'm worrying that this is a big mistake that is going to cause problems. Do you think we need to submit an amended return to include schedule B? I've read a few articles online and a few old threads here about schedule B part 3 and FBARS and voluntary disclosure programs which have caused some panic. I feel like someone who went to WebMD with a headache and has determined they have some incurable brain disease. I guess I just need some calm reassurance that this is not the end of the world.

md95065

Stop worrying.

If I understand correctly, you failed to declare less than $2 of interest income on your 2013 return ...

You can file an amended return if you like, but I don't think that I would even bother to do that.

robin1234

From the OP, I don't think it is just the 80p. It is 80p plus a larger sum of US interest income, right? Maybe I'm wrong, but that's how I read it.

Seems to me an amended return would be easy. Just do a paper snail mail amended return, using the TurboTax generated return as a model, but do a schedule B in addition, inserting the totals from schedule B in the amended return. Probably would take less than an hour to do..

This is why I don't use TurboTax or similar. Mistakes like this are less likely if you file traditionally with paper, pen and send it in in the mail!

Jerni

No it's just the 80p. There was other interest (around $50 but that was included in the return). It's the missing Schedule B that I'm most worried about.

robin1234

Ah OK, now I see. Then I'd definitely agree with md95065, to forget about it. Too small a sum to ever be an issue, I think. Sorry for my earlier post possibly creating confusion!

Jerni

Thanks very much. As I mentioned it was the missing schedule B that made me panic. Since there is no change in the refunds I'll just move on and not worry about amending.

Hotscot

I recall I owed the IRS $3.00 once. I called them and they just told me to forget about it..