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m-platz
New Member

I received an amended Form 1099 Div., for 2018. Line 1a Qualified Dividend increased by $132.65 but no other entries changed. Should I submit amended return for 2018?

 
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2 Replies
Anonymous
Not applicable

I received an amended Form 1099 Div., for 2018. Line 1a Qualified Dividend increased by $132.65 but no other entries changed. Should I submit amended return for 2018?

if nothing else changed on the 1099-div that means non-qualified dividends ( the difference between total dividends  and qualified dividends)  went down by an equal amount 

 

 

 

 

filing an amended return probably would result in some tax savings but without knowing your tax situation no one can say how much.  your choices are to either open up the 2018 return (not the amended link)   enter the revised figure to see how much you would save and then make a decision as to whether to file an amended return or not.  (there is no requirement to file an amended return if your taxes go down)     then put the number back to where it was so you'll have no problems with AGI when  doing 2019)    or use the amended link to see.  if you do not choose to file the amended return,   you have to delete the changes. 

 

while no one can say what  your actual tax savings would be, if you know your tax bracket then multiply it by the $133.  that would be the max.            

dmertz
Level 15

I received an amended Form 1099 Div., for 2018. Line 1a Qualified Dividend increased by $132.65 but no other entries changed. Should I submit amended return for 2018?

The tax savings would be the difference between your tax bracket for ordinary income and your tax bracket for long-term capital gains.  For most people the difference would be 9% of $135.65 or less, $12 or less of tax savings.  However, if your ordinary income falls in the 32% or higher tax bracket, your tax savings would be higher.  The maximum possible savings would be 20% of $132.65, $27, for certain filers whose ordinary income falls in the 35% tax bracket.  There's also a very small chance that those whose ordinary income falls at the border between the 12% and 22% tax brackets would actually owe a small amount of taxes (a maximum of $4) due to this change.

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