this post was submitted on 30 May 2024
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Hypothetical question: If you omitted the couple bucks of income from the 1099 on that one savings account and you later got audited- how much money would you be on the hook for? what would the consequences be in worst case and likely case scenarios?
I honestly think the government has next to no resources now to go after tax cheats that aren't hiding tens to hundreds of thousands of owed taxes... but would love to hear what others have to say. I suspect missing out on less than a dollar of taxes from omitting a single figure 1099 would not be big enough to chase and if found probably less costly than hiring a preparer every year when averaged out over your lifetime of tax returns.
Perhaps practically speaking you probably would get an automated form from IRS demanding a few dollars. But it'd be nice if qualification for 'direct file' option didn't rely on "mild tax evasion" for people with savings accounts.