So I just noticed that I hadn't filed my 1090 for my 2020 tax returns. I only received a 1099 composite and 1099-DIV from Schwab. The only gains I made were:
Total Non-Qualified Dividends (Included in Box 1a): $0.18
Total Qualified Dividends (Box 1b and included in Box 1a): $12.61
Also, I made below $40,000 that year.
Do I need to go through the process of amending my tax returns? Or am I OK to not file for that year?
there is no 1090 so are you being asked to file form 1040 or reported the 1099-DIV's? with about $40K in income, you would likely need to file form 1040. if you file all items of income must be included.
Are you saying that box 1a is $12.79? If the 1099-DIV is the only thing you omitted, you do not have to bother amending. You probably don't owe any tax on it at all. Even if it were taxable, the IRS is not going to chase after you for the tax on $13.
Are you sure there is nothing else on the composite 1099 besides $12.79 in dividends?
Did you file a tax return for your $40,000 of income, and just omit the 1099 from Schwab, or did you not file a tax return at all? I assumed that you filed a tax return, and are asking whether you have to amend it to add the 1099-DIV that you omitted. (I thought that when you said 1090 you meant 1099.) Mike9241 assumed that you did not file at all, and are asking whether you have to file a tax return. (He thought that when you said 1090 you meant 1040.)
As long as you don't need to pay any taxes - there is no obligation to file.
I suggest filing a return every year - even if zero or you are owed a credit. Plus then your State knows what's going on.
If the Govt. sends out more handouts - you'll automatically get them.
If you are owed a credit - you'll get it.
Under the current (Trump) tax law most people will have a "post card sized" return ... so the software cost & time spent is minimal.
P.S. One of our Clients never filed taxes for his family or business ... so we received an IRS subpoena (Fraud Division) to provide any information & payment history for the properties we financed for him.
He didn't do anything illegal ... but had to spend a lot of time explaining ...
P.P.S. Which comes 1st - being wealthy or knowing the tax law?