[Anonymous]

So this question isn’t related to the CPA exam, but I figured this could be a good place to pick some brains. I know its strange for a CPA to be asking this question, but I don’t do taxes. I recently filed my taxes and received a refund. However, I received a 1099-INT that I was not expecting after I had filed my return and it was accepted. The 1099-INT is for Savings/Checking account interest of $13 (just over the $10 threshold). I went to create an amended return through Turbo Tax and when I enter the additional income, it says I don’t owe anything additional. My first question is why wouldn’t my tax liability change? Shouldn’t I owe a couple of dollars in tax from this? My second question is that if I truly do not owe any additional tax, am I required to file an amended return?

I am not taking any responses as “official” tax advice. I just figured I would pose the question in case its something really simple such as amended returns are not required if the tax consequences are less than $5 or something.

Think of this as practice for all you aspiring tax CPAs 😉

[Missy]

Please look at the actual tax table that jm posted. It goes in ranges, if your income is AT LEAST 33,000 but LESS THAN 33,050 your tax is 4493, period. There is no tax difference between 33,001 and 33,014 in income. The person with 33,014 in income will not owe 4494 in taxes.

Licensed Massachusetts Non Reporting CPA since 2012
Finance/Admin/HR Manager

[EuroAddict]

It's called marginal tax rate for a reason.

-----------------------------
BEC - 77, 03/2015 (first try)
FAR - 79, 05/2015 (second try)
REG - 83, 12/2015 (first try)
AUD - 84, 03/2015 (first try)

I got 99 problems but the CPA ain't one.

[Thrawn]

You probably either don't bump up on the tax tables, or you had sufficient credits to offset the additional. I wouldn't worry about it, worst case scenario they will send you a notice with interest.

BEC 87 Feb 14
REG 84 Apr 14
FAR 82 Nov 14
AUD 86 Feb 15

[marqzho]

jm962011

I think you are correct in your concept 🙂 with slightly error on the term

REG 90
FAR 95
AUD 98
BEC 84

[Author]

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