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Posted by Fred Williams on April 9, 2008, 9:09 am
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>
>
> > 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?
>
> 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!
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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