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posted Jun 5, 2019 11:45:53 PM

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?

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1 Best answer
Level 15
Jun 5, 2019 11:45:55 PM

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.

1 Replies
Level 15
Jun 5, 2019 11:45:55 PM

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.