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AS57
Level 1

Corrected 1099-DIV

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.

10 Replies
Bsch4477
Level 15

Corrected 1099-DIV

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. 

tagteam
Level 15

Corrected 1099-DIV

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.

Mike9241
Level 15

Corrected 1099-DIV

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

Critter-3
Level 15

Corrected 1099-DIV

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. 

fanfare
Level 15

Corrected 1099-DIV

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.

tagteam
Level 15

Corrected 1099-DIV


@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.

fanfare
Level 15

Corrected 1099-DIV

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

tagteam
Level 15

Corrected 1099-DIV


@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.

fanfare
Level 15

Corrected 1099-DIV

OK @tagteam 

 

I have to refer you to the IRS website.

 

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

tagteam
Level 15
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