- quote -

that probably isn't an issue. Thanks.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

In misc.taxes.moderated, Fred Williams wrote:

- quote -

The times when I got a corrected 1099 from a brokerage firm resulted
in smaller taxes due. Part of a dividend from a REIT turned into
return of capital or some such. Once I decided to not re-file to
save the $15 (after having filed early and not procrastinating as
usual). Since then I wait until April to mail.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Apr 8, 11:18 pm, "D. Stussy" <s...[at]bde-arc.ampr.org> wrote:
- quote -

Several times I have received corrected 1099's from brokerage firms
after I have filed and I ignored it (did not file amended return) and
heard nothing from the IRS. The differences were $50 - $75 so I think
there is a minimum for the matching of W2s and 1099's.

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Jessica" <Jessica[at]yahoo.com> wrote in message
news:RtsJj.1184$Cn4.579[at]news02.roc.ny...
- quote -

Technically, yes (file the amended), but if it doesn't change your tax, then
the omission is not material and one may as well ignore it.

Now, your state income tax return may be a different issue. California is
going after everyone that owes even $0.02!

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Maven wrote:
- quote -

So, as a young kid (say, aged 13) hypothetically, if I have received a W-2
for, say, $800, and that's my ONLY source of income (thus, I wouldn't need
to file at all), the IRS would access me a penality because I didn't report
an item that a form was used for?

You sure about this?? I don't think what you said is true.
--
----------------------------- Regards -

- Andrew

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Apr 4, 2:28*pm, "Jessica" <Jess...[at]yahoo.com> wrote:
- quote -

failing to report any item that a form was issued for. It is not that
hard to file the amended return, and I think that the mismatch if you
don't would cost you money. I don't know the formula IRS uses for
deciding whom to audit but why raise and red flags?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Jessica" <Jessica[at]yahoo.com> wrote in message
news:RtsJj.1184$Cn4.579[at]news02.roc.ny...
- quote -

1099INT. I don't care much about the $4 in tax I owe (it would certainly
cost the IRS more than $4 to process the amended return, but that is besides
the point...), but the work in amending the return. Would ignoring it
increase or decrease my chances of an audit? Would amending the return
increase or decrease my chances of an audit?

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

My tax returns are filed. Today I got a K1 in the mail.

The only entries on it are interest income of $6, qualified dividends of $8,
and cumulative adjustment to tax basis of -$11.

I no long own any.

Can I just ignore this or do I have to file an amended return?

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >