Amended return required?

I've just received a corrected 1099-DIV from a brokerage. I have already efile'd my 1040.

The corrections result in no change in tax liability.

Do I still need to file a 1040X?

Thank you.

Reply to
Guy Scharf
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No. How come there was no change in tax?

Reply to
removeps-groups

If box 1a of the 1099-DIV did not increase, I wouldn't. Non-expert opinion. Typically these might be that some distribution was moved to box 3 or the box 1b amount increased. I passed on doing a 1040x that would have saved me $15 before postage. I also decided that I would no longer file before mid-March. But then I am never looking for a big refund.

Reply to
DF2

With the new zero qualified dividend rates, you could easily find a taxpayer who gets a sparkling new 1099DIV reporting $500 of ordinary and qualified dividends, with no effect on bottom line income tax.

Reply to
Arthur Kamlet

I made a similar mistake. I completely forgot to input the Qualified Dividends into the tax preparation software. I was sure that I would have to file an amended return, but when I did it my refund did not change at all. I understand why, but can I really get away with not having reported this at all?

Reply to
drmiddos

I think so (if the amount of dividends was large it would have pushed you out of the 0% tax bracket). The penalty and interest sis a percentage of the unpaid tax, and since the unpaid tax is zero, the penalty and interest is zero. Worst case, if the IRS inquires you can reply with the amended return. The IRS has a computer program that "audits" or checks each return against 1099-??? documents it has on file. If it finds you under-reported something, it generates a CP2000 letter stating you said your tax was X, but you have unreported income of Y, the new tax is Z. However, since X and Z are the same, I imagine the computer program would then just skip this return -- that is, skip sending the CP2000 letter. At least, that's just my guess how it works. Besides, just wait till April 15, as you might get more amended 1099-??? and Schedule K1's.

Reply to
removeps-groups

Looks like I made an error in using Turbotax. When I redo the calculations now they are showing a $6 increase in my refund.

Boxes 1a and 1b increased by about $40. Box 6 (foreign taxes paid) increased by about $8.

Reply to
Guy Scharf

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