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:
Which of these stements are correct?
Am I required to amend for a $59 difference owed.
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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.
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.
I agree with the others. for such a small amount the IRS may never bill you.
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.
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.
@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.
Failure to pay applies when you don’t pay the tax you owe by the due date.
@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.
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