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jdabalos5
New Member

I had a small amount (less than $10) of dive dens gained last year. My brokerage (Acorns) says they will email a link on or before March 15th. Is there anything I can do?

 
2 Replies
TomYoung
Level 13

I had a small amount (less than $10) of dive dens gained last year. My brokerage (Acorns) says they will email a link on or before March 15th. Is there anything I can do?

I assume that question "is there anything I can do" relates to not having to wait until March 15th in order to file your income tax return.

I suppose one thing you could do is file now and then when the information is available amend your income tax return to include the dividend information.  Given the small amount it might not even affect your income taxes.

Another thing you could do is file now and not amend the income tax return when the information becomes available and just wait and see if the IRS ever picks up on the omission, which they very well might not since 1099-DIV's aren't mandatory if the total amount is less than $10 and maybe Acorns will never issue a 1099-DIV, or maybe they will.  Not reporting the income at all isn't legal of course.

Another approach is to simply enter the dividend amount "as if" you actually had received a 1099-DIV - I assume you know the amount - guessing how much is Qualified and how much is Non-qualified.  You could take the very conservative approach that it's all non-qualified, paying the maximum tax and be done with it.  Even if the 1099-DIV when it's available states that all the dividend is Qualified the amount of "extra" tax you paid would be minuscule.

And finally, you could just wait until the information is available.

You decide.

Tom Young

jdabalos5
New Member

I had a small amount (less than $10) of dive dens gained last year. My brokerage (Acorns) says they will email a link on or before March 15th. Is there anything I can do?

Thanks for the advice Tom!
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