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updated 1099s after filing taxes
Old 03-16-2006, 09:13 AM   #1
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updated 1099s after filing taxes

I think we might have had a topic on this. I got an updated 1099-div last week, but it wasnt enough to change what I owe in taxes so I guess that I wont bother doing anything like filing a 1040-x. Will I end up in jail
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Re: updated 1099s after filing taxes
Old 03-16-2006, 09:29 AM   #2
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Re: updated 1099s after filing taxes

No, probably not. The IRS probably won't care if you're off by a few bucks. And if they do, tell them you'll pay the difference (zero) and the 20% penalty for negligent filing (zero). Oh yeah, delete this thread so they don't have any evidence that you knew you had misreported your income but failed to file an amended return

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Re: updated 1099s after filing taxes
Old 03-16-2006, 09:33 AM   #3
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Re: updated 1099s after filing taxes

You might get a little letter noting that your 1099s and your returns dont match, and could you please explain why?

It doesnt appear that they care much if its a penny or a hundred thousand bucks different.

I got one a few years ago and the only difference was the description of the fund, as it had changed names during the year and the 1099 said one thing while my quicken fund name that went into turbotax and onto the schedule D was different... :P

If I was using turbotax, I'd update it and send it in. If I was using a $400 tax preparer that needed to fix it at a cost, I'd forget about it and cross my fingers...
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Re: updated 1099s after filing taxes
Old 03-16-2006, 11:37 AM   #4
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Re: updated 1099s after filing taxes

Last year I received a corrected 1099 in August. It would change my taxes by about $3, so I did not bother to file an amended return. I expect to hear from the IRS within the next 3 years about this, but I just don't care because previous snafus with the tax authorities were taken care of with phone calls.

This year I have already received a correction of a corrected 1099. I am just going to file for an extension and do my taxes sometime in September when I hope that all corrected 1099s have shown up.
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Re: updated 1099s after filing taxes
Old 03-16-2006, 11:56 AM   #5
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Re: updated 1099s after filing taxes

Shortly after sending in my return I got a revised 1099 for a whopping $4.35. I don't plan to do a damn thing.
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Re: updated 1099s after filing taxes
Old 03-16-2006, 02:54 PM   #6
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Re: updated 1099s after filing taxes

Mine changed by $3.00. I am not fixing it. I will wait later to file next year. Lesson learned. Fingers crossed.
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Re: updated 1099s after filing taxes
Old 03-16-2006, 04:05 PM   #7
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Re: updated 1099s after filing taxes

I have always filed complete and accurate tax returns... :P
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