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.

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Question

Corrected 1099-DIV

Forum|Forum|3 years ago
August 27, 2022
2 replies
8 views

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.

TurboTax Home & Biz Windows

Bsch4477

Level 15

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.

Anonymous_

Level 15

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

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

Mike9241

Critter-3

Level 15

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.