Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
CCamp01
New Member

Are there any limits regarding filing an amended return? My 1041 was e-filed and accepted, then I got two corrected 1099s with a total impact on taxes of $3. Pointless?

 
1 Best answer

Accepted Solutions
MichaelL1
Level 15

Are there any limits regarding filing an amended return? My 1041 was e-filed and accepted, then I got two corrected 1099s with a total impact on taxes of $3. Pointless?

Probably pointless, when under $5 tax change.

IRS does not disclose tolerances on what is minimum. 

You are required to file a tax return that is substantially correct.

There is however a requirement that a bank does not have to issue a 1099INT if less than $10, so use that as a guide.

Now if the 1099's corrected resulted in $3 tax change but reduced a capital loss carryover by a large amount then I would amend, otherwise put the corrected 1099's with tax records, and if you Amend for another reason then correct these also.

View solution in original post

1 Reply
MichaelL1
Level 15

Are there any limits regarding filing an amended return? My 1041 was e-filed and accepted, then I got two corrected 1099s with a total impact on taxes of $3. Pointless?

Probably pointless, when under $5 tax change.

IRS does not disclose tolerances on what is minimum. 

You are required to file a tax return that is substantially correct.

There is however a requirement that a bank does not have to issue a 1099INT if less than $10, so use that as a guide.

Now if the 1099's corrected resulted in $3 tax change but reduced a capital loss carryover by a large amount then I would amend, otherwise put the corrected 1099's with tax records, and if you Amend for another reason then correct these also.

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v