I filed my taxes/got my return but I got a 1099/DIV for my Acorns act. Do I need to adjust if it was "short term bal" of $188.95, $0 fed tax withheld & $0 Ordinary DIV?

[heathermutz8]

I already filed.... Already received my return and THEN received the 1099/DIV statement from Acorns (easy investment app) that I forgot I tried out for a short period of time in 20198. 

I need to confirm if I actually need to file an adjustment to my already filed return if the statement says I received $0.00 Total, Qualified, 199A dividends and had $0.00 fed income tax withheld. Do i need to adjust both fed & state!? 

I am panicking and need someone to please help!! 

Thank you!!

[MichaelL1]

Can you tell me the amounts in each box of the 1099DIV?

Box 1 and amount and so on, then I can tell you what to do.

[heathermutz8]

Dividends & Distribution Section: 1a/b, 2a/b, 2c/d, 3-11 (no 7) - All $0.00
Summary of Proceeds, Gains/Losses, Adjustments & Withholding Section: Short term - A (basis reported to the IRS) $188.95 in proceeds and 198.86 in cost basis and Short B & C are $0.00 and Long Term D, E, F all $0.00 = grand total 188.95 with a withholding amount of $0.00.
Interest Income Section: line 1-14 (no 7) are all $0.00
State Tax Witheld- 1099-DIV, INT, OID, MISC, B are all $0.00

I hope this helps!!!!!!!!!! Thank you in advance for your help!

[heathermutz8]

Dividends & Distribution Section: 1a/b, 2a/b, 2c/d, 3-11 (no 7) - All $0.00
Summary of Proceeds, Gains/Losses, Adjustments & Withholding Section: Short term - A (basis reported to the IRS) $188.95 in proceeds and 198.86 in cost basis and Short B & C are $0.00 and Long Term D, E, F all $0.00 = grand total 188.95 with a withholding amount of $0.00.
Interest Income Section: line 1-14 (no 7) are all $0.00
State Tax Witheld- 1099-DIV, INT, OID, MISC, B are all $0.00

I hope this helps!!!!!!!!!! Thank you in advance for your help!

[MichaelL1 · Accepted solution]

You actually have a small loss that needs to be reported on the 2018 return.

Sale proceeds $188.95

Cost of stock  $198.86

Loss $11 (rounded)

The reason it should be reported is first, it is income ($188.95) and 2nd the IRS gets the 1099DIV that shows this.

If you do not file an amended return, IRS would report the $188.95 for you and give you a $0 cost basis and then send you a bill for the taxes. They might not due to the small dollar amount but I would amend the return as no news from the IRS is good news.

It is not that difficult to Amend the return. --Also relax as millions file Amended returns each year.  Your amended return will have no additional tax and possibly a dollar or two refund.

Once the return has been filed it cannot be stopped (unless you get extremely lucky and IRS would reject it for some reason).

So you have to wait for the return to be processed and you get your refund.

Then approx February 28th you can sign back into TurboTax and do the Amended return.

[Hal_Al]

The document you have is not just a form 1099-DIV. It is your broker's (Acorn) consolidated tax statement.  It included 1099-B, 1099-Int as well as 1099-Div.
The entries you are references are actually on form 1099-B and are entered (in TurboTax) at investment income, not dividends

[MichaelL1]

Yes, @Hal_Al is correct.  

When you amend you will:

To enter your Investments sold

Click on Federal Taxes
Click on Wages and Income
Click on I'll choose what I work on
Scroll down to Investments
On Stocks, Bonds, Other, click the start or update button

[heathermutz8]

Does that make a difference in reporting it?

[MichaelL1]

Yes, just slightly see the comment above on how to do it, when you amend.  TurboTax will guide you through the process.