Unsure which forms to file for 1040X

OK, I already filed my 2014 return. Afterwards, I received a corrected

1099-DIV for one of my mutual funds. Basically, the amount originally classified in Box 1 (Ordinary Dividend) is now mostly in Box 2 (Capital Gain Distribution) and the rest in Box 3 (Non Taxable Distribution). The difference is a whopping $12 extra refund. Some questions:

1) If I do NOTHING, will the IRS recalculate and just send me the extra $12? Regardless, would there be any problem if I do nothing?

2) If I do file an amended return, am I supposed to include my corrected 1099-DIVD?

3) In my situation, if I file an amended return, exactly what other forms do I file besides the 1040X? As far as I can tell, perhaps Schedule B and Schedule D (they seem to have changed slightly). I use TT and when I indicate to print forms for filing, TT wants to print everything.

Mel

Reply to
MZB
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The IRS will not recalculate dividends as they assume the amount you reported as dividend income is correct as long as it is equal to or greater than the 1099-div they received. They will recalculate capital gain income and recalculate the additional tax on that. As to whether they would bill you for the tax depends upon the amount. Below certain thresholds (that they do not publish) they do not send a bill as the cost of preparing, sending, keeping track and collecting isn't worth it.

No.

You send the 1040X with the schedules that changed.... B and D.

Reply to
Alan

Thanks Alan. Sounds like I should do an amended return to "protect" against the IRS just looking at the additional Capital Gains Distribution!

Mel

Reply to
MZB

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