RunningBum
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Jun 18, 2007
- Messages
- 13,244
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.
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.