topic after filing tax return i received corrected 1099 consolidate statement from my broker in After you file

after filing tax return i received corrected 1099 consolidate statement from my broker

tpe — Sat, 27 Mar 2021 00:38:27 GMT

After filing my 2020 tax return in early Feb. 2021, I received a corrected 1099 consolidate statement from my broker. The differences are in 1099-div. The old ordinary dividend is 170 dollars. The corrected ordinary dividend is 134 dollars. I ran the turbo tax amendment and found no difference in the tax refund from federal. I owed state tax one dollar less. Can I choose not to amend my tax return?

Re: after filing tax return i received corrected 1099 consolidate statement from my broker

AnnetteB6 — Sat, 27 Mar 2021 15:22:32 GMT

Yes, since the amended return would result in your favor and not in additional taxes owed, you can choose to not amend it.

Re: after filing tax return i received corrected 1099 consolidate statement from my broker

tpe — Sat, 27 Mar 2021 23:09:47 GMT

I also found this

H.R. 3856 (114th): Information Reporting Simplification Act of 2015

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 28, 2015.

Information Reporting Simplification Act of 2015

This bill amends the Internal Revenue Code, with respect to penalties for filing erroneous tax returns, to set forth a safe harbor rule for errors on tax information returns and payee statements. If any such return or statement has one or more incorrect dollar amounts, but no single amount in error differs from the correct amount by more than $100, and no single amount reported for tax withheld on any information return differs from the correct amount by more than $25, then no correction shall be required and such return or statement shall be treated as having been filed with all of the correct required information.

https://www.govtrack.us/congress/bills/114/hr3856/summary#:~:text=Information%20Reporting%20Simplification%20Act%20of%202015%20.%20This,errors%20on%20tax%20information%20returns%20and%20payee%20statements.

Re: after filing tax return i received corrected 1099 consolidate statement from my broker

sjt67 — Sun, 24 Apr 2022 22:00:53 GMT

I received a consolidated brokerage 1099 statement in early February for 2021. Later in February I received a corrected statement. I prepared my return and filed my taxes about mid-March. After my return was accepted and I had received a refund. I received yet another corrected 1099 from the same brokerage with an increase in qualified dividends. The difference involved was $102.98.

I went into to Turbotax (version is on my laptop) and began and amended return. After I revised the ordinary dividends, the calculator said I was due a refund of $10. Do I still need to file an amended return?

Re: after filing tax return i received corrected 1099 consolidate statement from my broker

sjt67 — Sun, 24 Apr 2022 22:02:12 GMT

I meant to say in my previous post that I revised the qualified dividends. This is about an increase in the qualified dividends only.

Re: after filing tax return i received corrected 1099 consolidate statement from my broker

Critter-3 — Sun, 24 Apr 2022 23:17:38 GMT

FYI ... broker's can send corrected statements until late March so never file a return until you get the FINAL statement so you don't have this issue again in the future.

Re: after filing tax return i received corrected 1099 consolidate statement from my broker

sjt67 — Sun, 24 Apr 2022 23:30:19 GMT

By what date do brokerages have to post? I received my statements on line and got three. The first was marked "not final", the second and third were clean. This was a new brokerage for me this. I have another brokerage account and have never had issues like this.

This is troublesome because we are told to file early as possible especially with all the identity theft and tax fraud.

Re: after filing tax return i received corrected 1099 consolidate statement from my broker

sjt67 — Mon, 25 Apr 2022 02:27:58 GMT

I began an amended return to see what an increase in qualified dividends on a corrected 1099 would mean. The result would mean a $10 refund. Do I need to file an amended return?