Question

after filing tax return i received corrected 1099 consolidate statement from my broker

Forum|Forum|5 years ago
March 27, 2021
2 replies
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After filing my 2020 tax return in early Feb. 2021, I received a corrected 1099 consolidate statement from my broker. The differences are in 1099-div. The old ordinary dividend is 170 dollars. The corrected ordinary dividend is 134 dollars. I ran the turbo tax amendment and found no difference in the tax refund from federal. I owed state tax one dollar less. Can I choose not to amend my tax return?

A

AnnetteB6

Yes, since the amended return would result in your favor and not in additional taxes owed, you can choose to not amend it.

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T

tpeAuthor

I also found this

H.R. 3856 (114th): Information Reporting Simplification Act of 2015

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Oct 28, 2015.

Information Reporting Simplification Act of 2015

This bill amends the Internal Revenue Code, with respect to penalties for filing erroneous tax returns, to set forth a safe harbor rule for errors on tax information returns and payee statements. If any such return or statement has one or more incorrect dollar amounts, but no single amount in error differs from the correct amount by more than $100, and no single amount reported for tax withheld on any information return differs from the correct amount by more than $25, then no correction shall be required and such return or statement shall be treated as having been filed with all of the correct required information.

https://www.govtrack.us/congress/bills/114/hr3856/summary#:~:text=Information%20Reporting%20Simplification%20Act%20of%202015%20.%20This,errors%20on%20tax%20information%20returns%20and%20payee%20statements.

S

sjt67

I received a consolidated brokerage 1099 statement in early February for 2021. Later in February I received a corrected statement. I prepared my return and filed my taxes about mid-March. After my return was accepted and I had received a refund. I received yet another corrected 1099 from the same brokerage with an increase in qualified dividends. The difference involved was $102.98.

I went into to Turbotax (version is on my laptop) and began and amended return. After I revised the ordinary dividends, the calculator said I was due a refund of $10. Do I still need to file an amended return?

S

sjt67

I meant to say in my previous post that I revised the qualified dividends. This is about an increase in the qualified dividends only.

Critter-3

FYI ... broker's can send corrected statements until late March so never file a return until you get the FINAL statement so you don't have this issue again in the future.