Received 1099-DIV/B After Filing Tax

[tidyana01]

I received 1099-DIV/B which is something that I never had on my previous tax years. I found out that I have $11 under total ordinary dividend box. I never sell/withdraw the fund.

The problem is I filed my tax already and IRS accepted it. I received my refund money already.

What’s gonna happen to me? Will I owe money?

What should I do about it as the tax due date is around the corner?

[AnnetteB6]

In order to file a complete tax return reporting all of your income for 2023, you should file an amended return to include the dividends as part of your income.

When you do so, you might incur some additional taxes, but reporting an additional $11 is not likely to have a significant impact.  It may not change anything at all with regard to needing to pay any additional income tax.

See the following TurboTax help article for information about how to amend your return:

How do I amend my federal tax return for a prior year?
 

[tidyana01]

Ok I confused. This is the first time I receive the 1099-DIV/B

How can I amend it? 

I received the tax return money already. 

What would happen if I don’t amend it this year? Will I get in trouble?

[AnnetteB6]

Filing an amended return is just making a change to the return that you already filed.  Sometimes this is done to fix something that was wrong and sometimes this is done to add more income that wasn't reported when you filed your return.  In your case, amending your return would be adding more income that wasn't reported when you filed your return.  

Going through the amended return process (outlined in the article linked in the previous answer), TurboTax takes into account any refund that you already received and lets you know if you owe any money back to the IRS or if the IRS owes you more of a refund due to the change that the amended return is making.  Adding only $11 to your income probably will not change your refund or cause you to pay additional money.  If it does change things, it should be a very small change.

You have up to three years to amend your return, but if you do not amend it to add the dividend income, then you may receive a letter from the IRS telling you that you did not report all of your income.  Usually if this happens, the IRS will have recalculated your tax return for you and will tell you how much additional tax you may owe.  Other than that, not reporting $11 of income is not going to cause you to get in trouble.

@tidyana01 

[tidyana01]

So, what’s your advice?

This is the individual investment account with Acorns that I was talking about. 

If I choose to not amend it because of the amount is small, do you happen to know if this $11 will be added to the dividend on the next tax year? 

And can I just file it together next year?

[AnnetteB6]

The dividend income from 2023 will not be added to any dividend income you receive in 2024.  You cannot wait to file it in 2024, it can only be included on a 2023 tax return.

My advice would be to create the amended return in TurboTax and file it.  No matter the outcome, you will have complied with the law and reported all of your worldwide income for 2023.  

If you choose to do otherwise, do not stress over it.  But next year, be sure you have the Form 1099-DIV before you file your return.  

@tidyana01 

[tidyana01]

Do you have a link for the amended return?

does it mean I have to start over again with my W-2 process or how the process is?

sorry too many questions. I am not a tax expert and not familiar with this

I hope it won’t be a long process

[fanfare]

You don't have to file an amendment for an $11 dollar dividend on 1099-DIV, unless you are very fastidious.

If you have SELL transactions showing on 1099-B, that's a horse of a different color.

@tidyana01 

[fanfare]

Ability to e-File 1040-X makes it a hundred times easier to amend than it was before.

That alone is reason enough to use e-FIle for Form 1040, which is a prerequisite.

@tidyana01 

[tidyana01]

I called IRS about this but they transferred me to 6-7 different agents. None of them were familiar with this form and how to get it done. 

[PaulaM]

Follow the amend instructions in this FAQ. There is chance that you will still need to mail the amended return. @tidyana01 

[tidyana01]

I never mail anything before and this is DIV form for 2023. 

[DawnC]

You may have to mail it, but not necessarily.   Have you done the amendment?   Were you able to e-file it?   If so, you don't need to mail anything.   But if you have to mail the amendment, include the 1099-DIV.  

[tidyana01]

I haven’t done the amendment yet.  I plan to e-file it. When ia the last date I have to do the amendment?

Still confused. 

What would happen if I don’t file that $11.71 ? 

[AmyC]

1. You have 3 years to file an amended return from the original due date. 

2.Since $11.71 probably will not have any effect on your tax return or very minimal, you do not have to file an amended return. The IRS would prefer to lose a little than pay for all the processing. If it is less than $25 tax liability, you don't have to file an amended return.