After electronically filing 2017 using TurboTax, I received a revised 1099 OID citing increased Original Issue Discount and filed an amended return which I had to submit by mail and pay a tax difference. After filing that amended return, and somewhat late in the process, I received yet another revised 1099 OID. However, this time the Original Issue Discount was now about $160 less than the first revision. I did not refile an amended return to the recognize this reduction. My question is two fold. Am I required to file and an amended return as this would likely slightly reduce my tax liability for that year? If I am not required to file, would it be worth it to file another amended return for such a small amount?
Often when the IRS receives the corrected form, they send a letter explaining how it changed your return and that you now owe them money or they owe you money.
It is not required that you file an amendment. It is up to you if you think the difference is worth it. You could enter the information as an amendment and see what the result is then make a decision.
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