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posted Feb 23, 2019 10:36:37 AM

I just found out that I had a $28 dividend from '17 . Can I enter it in '18 or need to amend '17?

When doing our 2018 taxes, I found out about an account that hadn't mailed a 1099-DIV last year. They expected us to log in and download it. I put the amount into my 2017 return to see what the difference would be. I was $1 for my state return and $0 for the federal return for whatever reason. Because it is so small, can I enter it in 2018? Or will I pay penalties for not amending 2017?

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Level 4
Feb 23, 2019 1:14:13 PM

You should not include it in your 2018 return. You can amend your 2017 tax return but since it sounds like it would only change the tax by $1 you should just not amend. If the IRS audits (they should just start with a letter saying you owe $1) any penalty is based off the amount due so that could be like $1. You really are better off just waiting to see what the IRS does and then paying the tax right away if they assess a tax.