D. Stussy replied to my post:

(material elided for brevity)
- quote -

Correction acknowledged. I was replying to the presumed
confusion about holding periods for capital gains.

Bill

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Bill wrote:
- quote -

Yes, it does. I seem to remember a 120 day minimum holding
period for them to become "qualified...."

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Dennis G. Rears wrote:

- quote -

Frankly, I doubt if IRS will bother with this. I don't have
any references or citations but I believe IRS has some de
minimis amount for sending assessments. Unless the
additional tax is more than this de minims amount, it would
cost more to send the notice and follow the collection
procedures than the amount collected.

Just my thoughts. If this were my client, I would probably
advise no action.

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"Dennis G. Rears" <drears[at]runningpagespam.org> wrote:

- quote -

I would leave it like it was filed. They might catch the
understated dividend and bill you for it plus penalty and
interest. If so, just pay it.....its easier than filing an
amendment.

Mike Lewis, CPA

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"Dennis G. Rears" <drears[at]runningpagespam.org> wrote:

- quote -

Any income left off a return when originally filed will be
assessed tax, penalty, and interest when IRS sees that it
was missed. The amount of that oversight will not matter to
them. It may take them six months to see this, but they
will.

Wayne Brasch, CPA, M. S. Taxation

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Dennis=A0G.=A0Rears posted:

- quote -

This is no big deal. Just keep a note in your records about
what happened, in the event of a query or audit.

- quote -

First, it doesn't matter how long you held a stock when it
comes to dividends. And yes, they are taxable -- but at a
lower rate, if they are "Qualified." (Pub 550 has an
exhaustive discussion of this issue -- but most companies or
brokers will state "Qualified" on their 1099.)

The rate for Qualified Dividends is 15% -- or less, if your
taxable income is below $56,800 (MFJ) or $28,400 (S). So,
the difference ought to be about $6 - or less.

Technically, you should wait until you either receive your
refund or your check for taxes due has cleared. At that
point, you could file a 1040X, to comply with IRS Regs.

- quote -

Hey, nothing is too trivial. But it's always your decision,
as the taxpayer. You pay the bills, and the IRS aims to
please <G> . Can we do anything less?

Bill

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Dennis G. Rears <drears[at]runningpagespam.org> wrote:

- quote -

If the $80 difference between noncash and cash were the only
item, I would not bother unless that $80 would push you from
not filing an 8283 into filing the 8283.

But the dividend item will be picked up by matching
programns, a year or two down the road andx will generate
some interest as well. Best to amend now.

And, since you've caught two reasons to amend, I'd spend a
while looking for a third. There's a fair chance it's
there.

- quote -

I don't think there's a limit on how trivial it can get :^)

__
Art Kamlet ArtKamlet [at] AOL.com Columbus OH K2PZH

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I have already filed for TY 2003. I used Turbo Tax and it
imported my Quicken data. My electronic filing was approved
last week. Since then I noticed two problems:

1) $80 of non-cash contributions (clothes donations) were
imported as Cash contributions. Does this really matter?
FWIW, My total cash and noncash contributions were under 2K.

2) I had $39.00 of dividends that were not picked up. FWIW,
the stock and mutual funds that it came from I was held for
more than a year. Are dividends not taxable now. If this
is a mistake should I file a 1040X? I rather not. At the
most, tax due would be $14.00. I don't care about the
$14.00. I rather not spend the hour or so in filing the
paperwork.

I hope this is not trivial a matter for this NG.

dennis

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