Schedule D Uncapltured gain for 1099 Div box 1b

[patelrpn]

Goo5d morning,

I need some guidance regarding 1099 Div Box 1b.

I have been overlooking the instruction on the back of the form 1099-Div since 2015 and just stumble upon to look.

On all the years I have been putting box 1a and 1b exactly to match the 1099 Div. Both boxes have the same numbers and I thought I have been paying the taxes on ordinary div as the is what included in AGI.

My questions are-

Should I even worry about this?

How to fix this  for current year?

Should I start updating this starting with 2025 and go back to 2015 and pay any resulted tax?

The amount is not large but I just realized this now. Could  someone please guide me to avoid any issues with IRS.

Here is the summary of Div in question-

2015    $  156

2016        240

2017        252

2018        306

2019.       480

2020     1,728

2021

2022      720

2023       960

2024     1,200

2025     1,320

Thanks,

[AmyC]

1. Worry, no. The IRS only wants amended returns if you will owe $25 or more. 

2. Current year, enter the 1099-DIV as you receive it.

If you enter the 1099-DIV as you receive it, it is correct with taxing the qualified dividends at the lower rate.

You don't say what you overlooked - federal obligations, state obligations or if you are just reading the standard brokerage what goes where lines. Your supplemental pages give you the percentages to exempt on federal and state. I would think you may have been overpaying. You can file 2022-2024 for refunds. The 2022 must be filed by April 15th of this year.

[patelrpn]

Hi Amy,

Thank you for your response and giving me a relief from the worry. 

Ramesh

[patelrpn]

Hi Amy,

Yes, please consider this issue is closed. I Followed through your response and as long as I was inputing both 1a and 1b I was ok. 

I was confusing myself and all you guys with instructions for 2b which did not apply to me anyway.

Sorry for my confusion and thank you all for your response.

Ramesh