Author Topic: I forgot to include a 1099-DIV, do I need to file an amended return?  (Read 4500 times)

minimalistgamer

  • Bristles
  • ***
  • Posts: 264
  • Location: United States of America
  • Gamer and minimalist.
    • Minimalist Gamer
Greetings.

I've got a tax related question. I filed my taxes using TaxAct on 2/14/2017. My tax returns were accepted by the IRS and the state.

I received a 1099-DIV from Betterment on 2/15/2017. Here is the summary -

http://imgur.com/a/wTWqK

As you can see, the amount is very small - $2.53. So in this case is it worth filing an amended return? Or should I just wait to see if IRS rejects my return, and then E-file it again?

Thanks for your help.

jamesbond007

  • Pencil Stache
  • ****
  • Posts: 701
  • Location: USA
  • One penny at a time.
Re: I forgot to include a 1099-DIV, do I need to file an amended return?
« Reply #1 on: February 16, 2017, 09:57:17 AM »
IRS won't reject your return because if you missed to include a document. Rejections happen mainly for fraud, incorrect e filing PIN etc. They cannot check the documents you submitted. Having said that, if you go into Audit then you have to prove it. For $2.53 I wouldn't worry. Sleep tight. The audit process is random but they usually pick people with abnormal refunds etc.

SimpleCycle

  • Handlebar Stache
  • *****
  • Posts: 1219
  • Location: Chicago
Re: I forgot to include a 1099-DIV, do I need to file an amended return?
« Reply #2 on: February 16, 2017, 09:59:18 AM »
I'm not sure they'd do anything for $2.53, but they will eventually notice you didn't include a form and you might get a bill...for like $1.

wudged

  • 5 O'Clock Shadow
  • *
  • Posts: 80
Re: I forgot to include a 1099-DIV, do I need to file an amended return?
« Reply #3 on: February 16, 2017, 10:43:07 AM »
I am in a similar situation, except it is for a 1099-INT that was not postmarked until 2/9!  It is for an account I completely forgot I even had - it was only open 2 months but did generate ~$30 in interest.

Since I didn't receive it until so late, I already filed.  I obviously still owe my $6 tax or whatever, but what happens when a 1099 is mailed after the 1/31 cutoff?

jamesbond007

  • Pencil Stache
  • ****
  • Posts: 701
  • Location: USA
  • One penny at a time.
Re: I forgot to include a 1099-DIV, do I need to file an amended return?
« Reply #4 on: February 16, 2017, 11:46:48 AM »
From what I understand the 1/31 cut-off is for mailing W-2s. For other docs it is 2/15 (I am not sure if this is a strict cut-off or a general practice).

SimpleCycle

  • Handlebar Stache
  • *****
  • Posts: 1219
  • Location: Chicago
Re: I forgot to include a 1099-DIV, do I need to file an amended return?
« Reply #5 on: February 16, 2017, 11:52:02 AM »
Even if the forms are mailed late, you still have a responsibility to file accurately.  The sender gets fined for late filing of the 1099, but you are responsible for the 1099 income on your tax return no matter when you get the form.

HipGnosis

  • Handlebar Stache
  • *****
  • Posts: 1696
Re: I forgot to include a 1099-DIV, do I need to file an amended return?
« Reply #6 on: February 16, 2017, 12:35:52 PM »
I am in a similar situation, except it is for a 1099-INT that was not postmarked until 2/9!  It is for an account I completely forgot I even had - it was only open 2 months but did generate ~$30 in interest.

Since I didn't receive it until so late, I already filed.  I obviously still owe my $6 tax or whatever, but what happens when a 1099 is mailed after the 1/31 cutoff?
But it doesn't work just like that.
You are taxed based on your 'taxable income'.  The tax amount only changes at every $50.
But, a $1 increase can change your taxes by quite a bit;
If your taxable income is $50,000; tax for a joint return is  $6.569
Joint return tax for taxable income of $50,001 is  $6,576 - an increase of $7.

Re-calculate your taxes with the interest income.  If you do owe more, do an online payment.  Do thorough documentation.

tyler2016

  • Stubble
  • **
  • Posts: 124
    • Tyler's Guides
Re: I forgot to include a 1099-DIV, do I need to file an amended return?
« Reply #7 on: February 16, 2017, 04:25:42 PM »
Scottrade didn't post my tax statements until yesterday. It seems I'm not the only one for tax statements.