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mkhud
New Member

I have submitted my returns already. Just received a 1099 B that I wasn't aware of that was coming. It is only for $ 1.61 Can I report/amend this after I get my refund?

I was going to amend but see that I would have to re-submit my return through the mail. Just don't want to tie my refund up for a long time.
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Patrice
New Member

I have submitted my returns already. Just received a 1099 B that I wasn't aware of that was coming. It is only for $ 1.61 Can I report/amend this after I get my refund?

Yes, you can amend after you receive your refund BUT I would hold on to the document and do nothing right now.  If you do need to amend your return for some other reason, then add this $1.61.  

The tax on $1.61 even at 25% tax bracket is less than $1.  IRS does use tolerances (which are not made available to the public) This would definitely be below that threshold therefore you would not need to file an amendment for such a small amount. 

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1 Reply
Patrice
New Member

I have submitted my returns already. Just received a 1099 B that I wasn't aware of that was coming. It is only for $ 1.61 Can I report/amend this after I get my refund?

Yes, you can amend after you receive your refund BUT I would hold on to the document and do nothing right now.  If you do need to amend your return for some other reason, then add this $1.61.  

The tax on $1.61 even at 25% tax bracket is less than $1.  IRS does use tolerances (which are not made available to the public) This would definitely be below that threshold therefore you would not need to file an amendment for such a small amount. 

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