Corrected 1099-DIV

[AS57]

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.

[Bsch4477]

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]

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]

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

[Critter-3]

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]

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]

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@fanfare wrote:

Penalty is 25% of the tax due ( 59 x .25 ) max.

The interest keeps accruing forever.

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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]

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

[tagteam]

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@fanfare wrote:

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

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That would be paying the tax shown on the return.

[fanfare]

OK @tagteam 

I have to refer you to the IRS website.

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

[tagteam]

Accuracy-Related Penalty | Internal Revenue Service (irs.gov)