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nitinjo_2000
Level 2

Should I amend my tax return if I've received a corrected 1099 form?After entering the corrected 1099, turbotax shows the change as 2$ federal refund and 0$ state refund?

the corrected 1099 has changes of merely 10/20$ at 2-3 places. Given overall tax refund change is merely 2$, wondering whether filing the amended return is even necessary?
2 Replies
RayW7
Expert Alumni

Should I amend my tax return if I've received a corrected 1099 form?After entering the corrected 1099, turbotax shows the change as 2$ federal refund and 0$ state refund?

If you discover an error after filing your return, you may need to amend your return. The IRS may correct mathematical, clerical errors on a return and may accept returns without certain required forms or schedules. In these instances, there's no need to amend your return.

 

I would not file an amended return for this small amount.  

 

It's possible the IRS will catch this change and correct it.  If they do they will send a notice to you with instructions. 

 

-follow this link for additional information-

Topic No. 308 Amended Returns | Internal Revenue Service

nitinjo_2000
Level 2

Should I amend my tax return if I've received a corrected 1099 form?After entering the corrected 1099, turbotax shows the change as 2$ federal refund and 0$ state refund?

Thanks! I was not able to interpret the rule very well because the error was discovered by my investment broker and not me. But I guess I agree with you that there is no need to submit amended return. I also came across this de-minimis-safe-harbor provision. So hopefully my case falls under this provision

https://www.twrblog.com/2017/01/irs-provides-guidance-on-de-minimis-safe-harbor-for-errors-in-amount...

 

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