Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Is Revised Tax Return Required?
Old 04-05-2009, 11:20 AM   #1
Recycles dryer sheets
Join Date: Nov 2007
Posts: 75
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
emilylynn is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 04-05-2009, 11:31 AM   #2
Thinks s/he gets paid by the post
OAG's Avatar
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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.
Vietnam Veteran, CW4 USA, Retired 1979
OAG is offline   Reply With Quote
Old 04-05-2009, 01:41 PM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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.
LOL! is offline   Reply With Quote
Old 04-05-2009, 05:02 PM   #4
Thinks s/he gets paid by the post
frayne's Avatar
Join Date: Oct 2002
Location: Chattanooga
Posts: 3,316
Tax wonk here. For my two cents I would complete an amended return just for my own piece of mind.
"The only function of economic forecasting is to make astrology look respectable. Ezra Solomon
frayne is offline   Reply With Quote
Old 04-05-2009, 05:08 PM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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.
LOL! is offline   Reply With Quote
Old 04-05-2009, 05:27 PM   #6
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 8,793
I wouldn't fool with it either.
Retired 3/31/2007@52
Investing style: Full time wuss.
Dawg52 is offline   Reply With Quote
Old 04-05-2009, 05:40 PM   #7
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,915
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 -
unclemick is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Free Tax Return Service megacorp-firee FIRE and Money 4 03-12-2009 09:27 AM
Stimulus and 2008 tax return? JohnDoe FIRE and Money 2 02-14-2009 09:17 PM
None of you file a tax return?!? BUM FIRE and Money 21 05-12-2008 10:12 PM
Signing Tax Return with POA 2B FIRE and Money 1 03-16-2008 06:42 PM
Can you NOT take deductions on your tax return? summer2007 FIRE and Money 2 10-19-2007 10:50 PM

» Quick Links

All times are GMT -6. The time now is 12:00 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.