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Subject Author Date
Ignoring a corrected 1099... Wade Lippman 04-11-2008
Posted by Wade Lippman on April 11, 2008, 3:02 pm
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 I got a corrected 1099 from etrade today. They suggest I speak to my tax
professional about it if I have already filed. They don't say if they will
pay for the expense. (just kidding...)

Although dividends has stayed the same, qualified dividends has gone up.
Presumably that means I paid too much tax and the IRS won't care if I ignore
it?

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Posted by Paul Thomas, CPA on April 11, 2008, 4:55 pm
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>I got a corrected 1099 from etrade today. They suggest I speak to my tax
>professional about it if I have already filed. They don't say if they will
>pay for the expense. (just kidding...)
>
> Although dividends has stayed the same, qualified dividends has gone up.
> Presumably that means I paid too much tax and the IRS won't care if I
> ignore it?




If ordinary dividends stayed the same, then yes, you paid a bit too much.

Maybe later in life - like May or June - work up an amended return to see
what difference it makes.

If it's worth it, send it in.




--
Paul A. Thomas, CPA
Athens, Georgia

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

Posted by sandybeth on April 11, 2008, 6:51 pm
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> I got a corrected 1099 from etrade today.  They suggest I speak to my tax
> professional about it if I have already filed.  They don't say if they will
> pay for the expense.  (just kidding...)
>
> Although dividends has stayed the same, qualified dividends has gone up.
> Presumably that means I paid too much tax and the IRS won't care if I ignore
> it?

What's with all these corrected brokerage 1099's? I have gotten them
for several years now, from Oppenheimer and Etrade both. Not a year
has gone by in 5 yrs that I haven't gotten one, AFTER I've gotten
taxes done. 2 years ago I got TWO from one firm. Why can't they get
it right the first time? There should be a law that brokerages have
to cover the extra cost after February 1st. Last year I ignored one
because it came in April and was in my favor, but would have cost me
more (in time & money) to amend than I would have gained by amending.
I'm certain that the IRS is not going to contact us to file an
amendment if we are owed money.
SandyBeth

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

Posted by Ernie Klein on April 11, 2008, 8:15 pm
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In article


> What's with all these corrected brokerage 1099's? I have gotten them
> for several years now, from Oppenheimer and Etrade both. Not a year
> has gone by in 5 yrs that I haven't gotten one, AFTER I've gotten
> taxes done. 2 years ago I got TWO from one firm. Why can't they get
> it right the first time? There should be a law that brokerages have
> to cover the extra cost after February 1st. Last year I ignored one
> because it came in April and was in my favor, but would have cost me
> more (in time & money) to amend than I would have gained by amending.
> I'm certain that the IRS is not going to contact us to file an
> amendment if we are owed money.

The ones that I have received are usually because a mutual fund has not
sent (or sent late) the correct information to the broker. This has
happened to me so often, particularly for funds with foreign
investments, that I don't file until after April 10 (I mailed my returns
today) in hope that I will get the corrections before filing (it doesn't
always work that way - I have received a corrected 1099 in June).

--
-Ernie-

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

Posted by Jeff on April 12, 2008, 8:00 am
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>> What's with all these corrected brokerage 1099's? I have gotten them
>> for several years now, from Oppenheimer and Etrade both. Not a year
>> has gone by in 5 yrs that I haven't gotten one, AFTER I've gotten
>> taxes done. 2 years ago I got TWO from one firm. Why can't they get
>> it right the first time? There should be a law that brokerages have
>> to cover the extra cost after February 1st. Last year I ignored one
>> because it came in April and was in my favor, but would have cost me
>> more (in time & money) to amend than I would have gained by amending.
>> I'm certain that the IRS is not going to contact us to file an
>> amendment if we are owed money.
>
> The ones that I have received are usually because a mutual fund has
> not
> sent (or sent late) the correct information to the broker. This has
> happened to me so often, particularly for funds with foreign
> investments, that I don't file until after April 10 (I mailed my
> returns
> today) in hope that I will get the corrections before filing (it
> doesn't
> always work that way - I have received a corrected 1099 in June).
>
> --
> -Ernie-
>
I do the same thing for the same reason. My taxes are done but I will
wait to mail them till this weekend for the same reason. However a
corrected 1099 in June is ridiculous!

Jeff

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

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