I have a corrected 1099 form and I already file my taxes what should I do the difference is $41.09 in additional dividend

[gt97grad]

Do I need to refile my taxes?

[fthometz]

This just happened to me too.  The approximate additional tax is only $10.  Rather than file amended returns with Fed and State, can't I just send $10 as an extra payment? Then the IRS will figure it out and use the $10?

[PaulaM]

If you have already e-filed your return and it was accepted, then you will need to amend to make any changes to it. The IRS also receives the corrected 1099 form.

However,  wait until the original return is fully processed. If you were due to receive a refund, wait until you get it. If you paid tax due, wait until the IRS has processed payment with your bank.

Do not make any changes to your original return prior to amending. It is important that the amending process begin with your e-filed return in its original state.

Once the original return has been processed, then proceed to amend. Follow instructions in the below link.

https://ttlc.intuit.com/replies/3288565

[billwagner]

If I wait until I get my refund, it will be passed April 15th... so do I need to file for an extension, or are there different dates for filing an amended return?

[LindaS5247]

You will be ok to file your amended return, it will be timely.

Generally, for a credit or refund, you must file Form 1040-X within 3 years after the date you timely filed your original return or within 2 years after the date you paid the tax, whichever is later. Allow the IRS up to 16 weeks to process the amended return.

Click here for more detailed information on Amended Tax Returns.

Click here for how to Amend your Tax Return in TurboTax.

[billwagner]

Ok.  But since my dividends are higher, I will owe more tax.  When should I file so I void penalties on the new tax due.  I also dont want to file amended too early that I mess up the processing of the return i already transmitted.

thanks

[SteamTrain]

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 .

_____

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.

[JulieS]

Yes, you will need to pay the extra tax by April 18 to avoid penalties and interest. If you don't get your refund by April 15, you can still pay the extra tax before the deadline. 

To do that, start your amendment using the instructions above, but don't submit it, or print and mail it in yet. Make a payment to the IRS either by mailing a check, or using the online system to pay electronically. 

Click here to pay electronically. 

If you want to mail a check, click here and complete Form 1040-V to mail with your payment. 

[SteamTrain]

Ahhh...I now see @billwagner  wasn't the original person posting...and didn't actually indicate how much of his dividends increased..