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Is Revised Tax Return Required?
Old 04-05-2009, 11:20 AM   #1
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Is Revised Tax Return Required?

Hello, all. I am hoping that there might be some tax wonks in the room that could answer a question I have along those lines.

A week or two ago, I submitted my completed tax return. It was a complicated return because this year, for the first time, I had a lot of brokerage activity. I did my taxes the "old fashioned way," with a pencil and paper--a process that took me several weeks to complete and that I am loath to repeat!

A couple of days ago, I was horrified to receive in the mail a "revised" 1099-DIV from the Vanguard Brokerage indicating that one of my funds had reclassified certain capital gains distributions as dividends. The total amount reclassified was about $30.00--yes, thirty dollars. In all probability, this reclassification will have absolutely no effect on my bottom line, and the thought of re-doing my tax schedules at this point is making me sick.

Under the circumstances, am I required to file a revised return? Is there any alternative to this in a situation where the amount at issue is truly de minimis? I would sincerely appreciate any advice you could provide.

Thank you so much,
Emily Lynn

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Old 04-05-2009, 11:31 AM   #2
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IRS Form 1040X is the one to use - good luck! I doubt you will ever hear from the IRS on it since, as you state, it does not affect the bottom line (which means the change did not move you up or down in the $50 increments). However, to be "pure" an "amended" return would be the way to go). That $30 change will impact your basis in that MF, but that is for a later return.

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Old 04-05-2009, 01:41 PM   #3
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Wait for the IRS to send you a letter. Then respond to that. It may never come.

Also don't do your taxes by hand ever again. Did you know that TurboTax can download your brokerage transactions trivially? It should take about 10 seconds to do that instead of "several weeks".

When you get elected to public office or appointed to the President's cabinet, you may discover that if you had changed your tax return that you would have gotten a larger refund.
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Old 04-05-2009, 05:02 PM   #4
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Tax wonk here. For my two cents I would complete an amended return just for my own piece of mind.
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Old 04-05-2009, 05:08 PM   #5
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Non-tax-wonk here. I ignored a revised 1099B about 3 years ago because of the $8 difference in income. I'm still waiting for a letter from the IRS.
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Old 04-05-2009, 05:27 PM   #6
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I wouldn't fool with it either.
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Old 04-05-2009, 05:40 PM   #7
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Welll - back in ancient times - I still remember I used to be an en-ga-neer during working years and when I still had two file cabinets with up to 53 DRIP plans reinvesting dividends out to 4 decimal places in some cases and did my taxes with number 2 pencil BEFORE I took them to the account who did em on her computer.

I could recommend something - but for some reason - a lot of people don't listen to me.

heh heh heh -

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