I received an amended 1099 which shows an increase of $15.51 in qualified dividends. Should I submit a revised filing?

[gary6591west]

I filed a week ago and have already received my refund yesterday. Will the increase in $15.51 in qualified dividends on the 2018 Amended Form 1099 require me to refile and pay back a few dollars?

[fanfare]

your talking about a tax of approx $3.00 . If you're worried IRS will come after you for three dollars.file form 1040X

[TomK · Accepted solution]

I'm not sure that amending a return for $15.51 would result in additional taxes owed.  You might want to start the amend process to add it and see.  

That said, the IRS will likely catch it and, if taxes are owed, they will send you a bill for the additional amount of taxes plus interest.  The taxes plus interest will likely only be a couple of dollars, if anything is actually owed.

Ordinary dividends are taxable as ordinary income, qualified dividends that meet certain requirements are taxed at lower capital gain rates. 

However, it will be best if you first wait to receive your current refund before you amend.  Please note: A Form 1040X, Amended U.S. Individual Income Tax Return can take up to 16 weeks to process once the IRS receives it.

After you have received your refund, please read this TurboTax FAQ about amending your 2018 tax return: How to amend (change or correct) a return you already filed.