Retirement tax questions

Opinion:  You can probably wait to amend...to whenever you receive your Refund.

 

Even if it's after 17 April..the penalty for underpayment on-time would be only a couple bucks.

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It's even possible that the additional 1099-DIV $$ might not increase your taxes due.....and in that case, you wouldn't file that amendment....but its' true that you won't know that until you actually go thru the amendment preparation process .

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Possibilities as to why wouldn't it add taxes?

1) If the $$ added are both in box 1a and box 1b, then the $$ added and represented in box 1b might not be taxed at all.  Depends on a lot of factors about all of your other income, so no way to predict ahead of time.

2)  IF the $$ were added mostly to box 1a, and not 1b...then those $$ might have no effect..or could increase yoru taxes by ~$12 (or so).  Why? for taxable incomes under 100,000, there are tax tables used for that type of income. They change taxes only in ~$50 income increases...so a change that remains anywhere within a single $50 increment, doesn't change that tax assessed.....so your $41 might keep you in the same $50 group..or might bump you into the next $50 range.

 

See the link for the "Tax Table from Instructions for Form 1040 "at:

Forms & Instructions | Internal Revenue Service (irs.gov)

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Try to avoid amending the last week before taxes are due 17 April....all kinds of computer overload problems happen that week with a gazillion people panicking about getting their taxes filed....the overload will really start ramping up on 1 April.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*