"removeps-groups[at]yahoo.com" <removeps-groups[at]yahoo.com> wrote:

- quote -

Looks like I made an error in using Turbotax. When I redo the
calculations now they are showing a $6 increase in my refund.

Boxes 1a and 1b increased by about $40. Box 6 (foreign taxes paid)
increased by about $8.

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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 Mar 12, 11:55 am, drmid...[at]gmail.com wrote:

- quote -

I think so (if the amount of dividends was large it would have pushed
you out of the 0% tax bracket). The penalty and interest sis a
percentage of the unpaid tax, and since the unpaid tax is zero, the
penalty and interest is zero. Worst case, if the IRS inquires you can
reply with the amended return. The IRS has a computer program that
"audits" or checks each return against 1099-??? documents it has on
file. If it finds you under-reported something, it generates a CP2000
letter stating you said your tax was X, but you have unreported income
of Y, the new tax is Z. However, since X and Z are the same, I
imagine the computer program would then just skip this return -- that
is, skip sending the CP2000 letter. At least, that's just my guess
how it works. Besides, just wait till April 15, as you might get more
amended 1099-??? and Schedule K1's.

--
<< ------------------------------------------------------- > << 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 Mar 10, 8:15*pm, "removeps-gro...[at]yahoo.com" <removeps-
gro...[at]yahoo.com> wrote:
- quote -

I made a similar mistake. I completely forgot to input the Qualified
Dividends into the tax preparation software. I was sure that I would
have to file an amended return, but when I did it my refund did not
change at all. I understand why, but can I really get away with not
having reported this at all?

--
<< ------------------------------------------------------- > << 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 article <gp7egc$l64$1[at]news.motzarella.org> ,
Kevin <Kevin[at]rocketmail.com> wrote:
- quote -


The zero rate for long-term gains and qualified dividends started with
tax year 2008 and is scheduled to fade into the sunset after 2010 when
the old 8/10 and 18/20 rates re-emerge from many years of hibernation.


Unless the rates get changed before that.
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

- quote -

entire income is qualified dividends and am shocked to be paying no tax. I
expected AMT at least but there isn't even that.

I did a search and only find gobblygook. Is this something new for 2008?
Will it (barring repeal of course) be around for a while?

--
<< ------------------------------------------------------- > << 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 article <givdr4l4883s4c30o5v3anfc7a3s8utjsh[at]4ax.com> ,
DF2 <replyvia[at]newsgroup_please.com> wrote:
- quote -


With the new zero qualified dividend rates, you could easily find a
taxpayer who gets a sparkling new 1099DIV reporting $500 of
ordinary and qualified dividends, with no effect on bottom line
income tax.
--

ArtKamlet at a o l dot c o m Columbus OH K2PZH

--
<< ------------------------------------------------------- > << 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, Guy Scharf wrote:

- quote -

If box 1a of the 1099-DIV did not increase, I wouldn't. Non-expert
opinion. Typically these might be that some distribution was moved
to box 3 or the box 1b amount increased. I passed on doing a 1040x
that would have saved me $15 before postage. I also decided that I
would no longer file before mid-March. But then I am never looking
for a big refund.

--
<< ------------------------------------------------------- > << 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 Mar 10, 4:49 pm, Guy Scharf <g...[at]spamcop.net> wrote:

- quote -

No. How come there was no change in tax?

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >

I've just received a corrected 1099-DIV from a brokerage. I have
already efile'd my 1040.

The corrections result in no change in tax liability.

Do I still need to file a 1040X?

Thank you.

--
<< ------------------------------------------------------- > << 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. > << ------------------------------------------------------- >