Minimum tax of concern for filing an Amendment

Home Fairmark Forum Taxation of Investments Minimum tax of concern for filing an Amendment

This topic contains 1 reply, has 2 voices, and was last updated by  kaneohe 2 months ago.

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #3229

    dontdare
    Participant

    I received notice of a revised 1099 from my brokerage in an e-mail today (April 15), and I had already filed my 2018 tax return. The changes were an increase of about $10 each in both qualified dividends and regular dividends, and an increase of only $1 in capital gains. This will probably amount to an increase of less than $4 in the additional tax due. My question is: does the IRS expect me to file an amended return for this small amount?

    (The postage and using certified mail will probably cost more than the tax due)

    • This topic was modified 2 months ago by  dontdare.
    #3231

    kaneohe
    Participant

    For most folks, the tax increase would be less than $2 (income increase of $11). Personally I would not do anything and let IRS decide if they had better uses of their precious resources. Be prepared , though, to pay interest on the amount due if they do decide to pursue………I think you could afford it.

Viewing 2 posts - 1 through 2 (of 2 total)

You must be logged in to reply to this topic.