topic Re: Corrected 1099-DIV in Get your taxes done using TurboTax

Corrected 1099-DIV

AS57 — Tue, 10 Mar 2026 05:46:48 GMT

I e-filed my taxes on time for 2021. It's now almost 9 months later and I have received two corrected 1099-DIV forms within a few weeks of each other and after running the number the sum of these two corrected forms show I would owe an additional $59. I have done online reseach on rather I need to amend, not amend, or would I just receive a bill for the additional amount. During my research I found the following confusing information:

If at the time you filed, you included all of you information to the best of you ability, you do not need to amend.
If the difference is not a sugnificant amount, you do not need to amend.
- A sugnificant amount is left to interpritation, what is the number considered to be a sugnificant amount?
You need to amend.
You do not need to amend, the IRS will bill you for the difference.

Which of these stements are correct?

Am I required to amend for a $59 difference owed.

Re: Corrected 1099-DIV

Bsch4477 — Sat, 27 Aug 2022 17:25:11 GMT

All of the options you mentioned have their advocates. The problem this year with an amended return is that it can take 6-9 months to process and by that time the IRS might have already corrected your return. It’s your call, but I personally would let the IRS correct it. I’m not claiming that is the “right “ choice, just my opinion.

Re: Corrected 1099-DIV

Anonymous_ — Sat, 27 Aug 2022 17:31:36 GMT

I agree with @Bsch4477.

You can read about the various penalties at the IRS web site (link below).

https://www.irs.gov/payments/accuracy-related-penalty

Even if a penalty were imposed (accuracy-related), it would probably amount to around $12 (plus interest on that penalty and the balance due).

Essentially, it is up to you as to how you want to handle the issue at this point.

Re: Corrected 1099-DIV

Mike9241 — Sat, 27 Aug 2022 18:27:05 GMT

I agree with the others. for such a small amount the IRS may never bill you.

Re: Corrected 1099-DIV

Critter-3 — Sun, 28 Aug 2022 00:41:42 GMT

I concur ... don't bother amending for such a small amount. If the IRA ever catches this and even bothers to send you a bill the worse they can do is add a couple of dollars of penalty/interest. Let them bill you ...doubt they ever will.

Re: Corrected 1099-DIV

fanfare — Sun, 28 Aug 2022 02:20:22 GMT

Penalty is 25% of the tax due ( 59 x .25 ) max.

The interest keeps accruing forever.

After IRS hires more people they've promised not to do more auditing of persons under $400,000 AGI.

That doesn't mean you won't be audited.

Re: Corrected 1099-DIV

Anonymous_ — Sun, 28 Aug 2022 14:17:08 GMT

@fanfare wrote:

Penalty is 25% of the tax due ( 59 x .25 ) max.

The interest keeps accruing forever.

That is the failure to pay penalty and the IRS has three years to make an assessment and ten years to collect on it.

Re: Corrected 1099-DIV

fanfare — Sun, 28 Aug 2022 23:12:49 GMT

Failure to pay applies when you don’t pay the tax you owe by the due date.

Re: Corrected 1099-DIV

Anonymous_ — Sun, 28 Aug 2022 23:16:52 GMT

@fanfare wrote:

Failure to pay applies when you don’t pay the tax you owe by the due date.

That would be paying the tax shown on the return.

Re: Corrected 1099-DIV

fanfare — Sun, 28 Aug 2022 23:35:53 GMT

OK @Anonymous_

I have to refer you to the IRS website.

https://www.irs.gov/payments/failure-to-pay-penalty

Re: Corrected 1099-DIV

Anonymous_ — Sun, 28 Aug 2022 23:59:13 GMT