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File Amended Return for Minor 1099-B Correction?
Old 07-26-2014, 04:53 PM   #1
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File Amended Return for Minor 1099-B Correction?

I got a corrected 1099-B from Vanguard for 2013. Two short term fund sales have a minor change in basis, totaling $1.78 more in basis. This means I have a ST loss of $1.78 than what I filed. If I amend my return I would get less than 50 cents back. Do I have to file an amended return since the basis is now also reported to the IRS, and they might flag the mismatch?

I'm inclined not to bother, since even if the IRS sees this, it would be in my favor and the amount is so negligible. However, a couple years ago I missed reporting a sale that had a small gain (fairly large proceeds and basis so when they initially flagged it they gave a basis of 0 and a large tax due bill), and had to file an amended plus go through 2 or 3 letters and a call to the IRS to get us in sync, so I'm just a bit more leery than I would be otherwise.

Any experience out there on tiny 1099-B corrections, before I just file the 1099-B away with notes for myself in case the IRS does contact me? I would prefer to only hear from people who have been through something like this before or have professional tax experience, not just random joe with an off the cuff opinion. I can live with no response if nobody fits the bill.

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Old 07-26-2014, 05:14 PM   #2
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Don't bother. If you are entitled to get a refund, or not pay any tax due, you do not even need to file at all.

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Old 07-26-2014, 05:17 PM   #3
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Agree with don't bother. Even if you owed another $10 in taxes, I wouldn't bother and indeed, I have not bothered in the past. So far, no IRS letter has appeared in my mailbox and I think statute of limitations has run out.

In 2012, a TurboTax mistake caused the IRS to correct my refund by $1.

You might do this: Get a transcript of your tax return for free. It's pretty easy to get it online from the iRS. It is enlightening in that it is not a copy of your tax return, but a pre-processed IRS thing which shows some figures "PER COMPUTER" versus what you put on your return. I can say that all my numbers matched the "PER COMPUTER" numbers, but it would be interesting to see if your tax return had a discrepancy. I think there is a warning that the transcript may not have corrected info though.
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Old 07-26-2014, 06:53 PM   #4
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Originally Posted by Senator View Post
Don't bother. If you are entitled to get a refund, or not pay any tax due, you do not even need to file at all.
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Old 07-26-2014, 07:00 PM   #5
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Not a big deal. I wouldn't stir the pot. In the past I've made little mistakes in my favour and they've actually sent me the difference.
Just plodding along on Dividends/Interest, SS and a small pension.
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Old 07-26-2014, 08:49 PM   #6
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Heck, even if I OWED them this little bit of money I would not bother amending the return...

If they every sent a letter saying I owed, then I would pay...

Would not waste my time to get 50 cents back....

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