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posted Jun 1, 2019 12:25:49 PM

I filed already but then received a corrected 1099. Total div remain the same but classification was adjusted & now box 5 199a div has an amount. is an amendment needed?

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1 Best answer
Expert Alumni
Jun 1, 2019 12:25:51 PM

You may wish to amend your tax return. Box 5 - 199A dividends count as Qualified business income and you are entitled to a deduction of 20% of the amount shown in box 5. The IRS would most probably not bother you for not amending. It is up to you to decide whether the tax savings on 20% of the amount is worth doing the amendment.

1 Replies
Expert Alumni
Jun 1, 2019 12:25:51 PM

You may wish to amend your tax return. Box 5 - 199A dividends count as Qualified business income and you are entitled to a deduction of 20% of the amount shown in box 5. The IRS would most probably not bother you for not amending. It is up to you to decide whether the tax savings on 20% of the amount is worth doing the amendment.