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Sumichan
Level 1

Amendment required?

I filed my 2021 return electronically in Feb 2022. It was accepted immediately and my tax due on the return was paid via electronic withdrawl from my bank account on 15 Apr 2022. While recently reviewing things in preparation for filing for 2022, I discovered two discrepancies (which I think are minor) in connection with an investment account consolidated 1099. I have prepared, but not filed, an amended return (1040-X) and each discrepancy yields $0 change in my 2021 tax liability. The following describes each discrepancy, and my request is for advice about the necessity of filing the amended 20221 return.

 

Discrepancy 1: After filing, I received a corrected 1099 from the brokerage. The corrections involve moving $0.02 of ordinary dividends to qualified dividends and adding $0.70 of Section 199A (qualified business income deduction). Careful examination of the revised calculations in the amended return reveals that no change in tax liability follows.

 

Discrepancy 2: Examining the corrected 1099 revealed that I had neglected to report a security sale which generated a $0.05 short term capital loss. Additionally, because of the purchase ad sale dates, the loss is disallowed by wash rule. Again, careful exanunation of the revised calculations in the amended return reveals that no change in tax liability follows.

 

Do these problems necessitate filing the amendment?

1 Best answer

Accepted Solutions
Mike9241
Level 15

Amendment required?

don't waste your time amending. as you can see they have no effect on your return. if it was my return, I would not amend. I too have been in similar situations in many years. never amended because there was no change in tax or sometimes only a few $ extra refund or even owed a couple of $.  Never heard anything from the IRS. 

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1 Reply
Mike9241
Level 15

Amendment required?

don't waste your time amending. as you can see they have no effect on your return. if it was my return, I would not amend. I too have been in similar situations in many years. never amended because there was no change in tax or sometimes only a few $ extra refund or even owed a couple of $.  Never heard anything from the IRS. 

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