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late 1099 form
Posted by: mattkime
Date: February 16, 2015 12:36PM
I filed my taxes last weekend and then a couple days ago i get another email regarding a 1099DIV form. Its for $13 and some odd cents. It was definitely sent late.

Do you think I need to amend my return over such a small amount?



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Re: late 1099 form
Posted by: cbelt3
Date: February 16, 2015 12:37PM
Technically, yes. IRS gets those records from your 1099 guy. Or at least they are supposed to.
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Re: late 1099 form
Posted by: mattkime
Date: February 16, 2015 12:44PM
Quote
cbelt3
Technically, yes.

i'm going for "practically" rather than technically.



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Re: late 1099 form
Posted by: btfc
Date: February 16, 2015 12:57PM
You are required to report $10 or more.
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Re: late 1099 form
Posted by: rgG
Date: February 16, 2015 01:00PM
Hey, the IRS said they have no people to do anything this year, including audits, so I would play the odds, for $13.





Roswell, GA (Atlanta suburb)
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Re: late 1099 form
Posted by: PeterW
Date: February 16, 2015 01:11PM
It doesn't require people - machines are very good at matching 1099s that the IRS gets vs what gets filed with individual returns. And yes, from experience, they will come after you for $13. Probably only a letter demanding the tax and penalty but a letter you ignore at your peril.
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Re: late 1099 form
Posted by: rgG
Date: February 16, 2015 01:26PM
Quote
PeterW
It doesn't require people - machines are very good at matching 1099s that the IRS gets vs what gets filed with individual returns. And yes, from experience, they will come after you for $13. Probably only a letter demanding the tax and penalty but a letter you ignore at your peril.

But, it is only the tax on $13, not the whole $13.
And yes, the computer might kick it out, but who knows.
How much penalty and tax could there be on $13?





Roswell, GA (Atlanta suburb)
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Re: late 1099 form
Posted by: dmann
Date: February 16, 2015 01:26PM
I'm unlucky and a wuss so my advice is to file the amended return.

DM
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Re: late 1099 form
Posted by: bazookaman
Date: February 16, 2015 01:30PM
Why isn't there a penalty on those boneheads who send you a 1099 late???



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Re: late 1099 form
Posted by: mattkime
Date: February 16, 2015 01:38PM
Yeah, they'd be getting $3, tops.



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Re: late 1099 form
Posted by: DCrunch
Date: February 16, 2015 01:47PM
If you added the $13 to your taxable income, would your tax bill increase? There is a $50 range, i.e. $50,050 to $50,100 has a tax bill of $8,375 for single.
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Re: late 1099 form
Posted by: Acer
Date: February 16, 2015 02:27PM
For tiny stuff like this, I say if they want it, they can come get it.
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Re: late 1099 form
Posted by: Speedy
Date: February 16, 2015 03:35PM
1099s are practically just a courtesy so no penalty on the provider. I would amend but wait another month for any other stragglers. And the 1099 deadline is Feb. 15.



Saint Cloud, Minnesota, where the weather is wonderful even when it isn't.



Edited 1 time(s). Last edit at 02/16/2015 03:36PM by Speedy.
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Re: late 1099 form
Posted by: bruceko
Date: February 16, 2015 03:55PM
I think the deadline for sending out 1099 forms was last Thursday.
Do file an amended return but wait until April 15th just in case you get something else
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Re: late 1099 form
Posted by: modelamac
Date: February 16, 2015 04:11PM
Quote
mattkime
I filed my taxes last weekend and then a couple days ago i get another email regarding a 1099DIV form. Its for $13 and some odd cents. It was definitely sent late.

Do you think I need to amend my return over such a small amount?

If you don't and it is caught, not only will you pay a penalty as well as the tax you risk being tagged for special attention in subsequent years.

It's happened to me for stupid errors.



Ed (modelamac)

I think I will just put an OUT OF ORDER
sticker on my head and call it a day.
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Re: late 1099 form
Posted by: mattkime
Date: February 16, 2015 05:57PM
shoot...yeah, i jumped the gun.

oh well, live and learn...

(yeah, i'll likely refile.)



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Re: late 1099 form
Posted by: Robert M
Date: February 17, 2015 07:13AM
Matt,

How do you know it was sent late? Just wondering because I can say without hesitation the USPS is horrid around my area and delivers mail and packages late on a regular basis. This assumes it's delivered at all.

For what it's worth, my business has to get its 1099s out by 1/31. Whether the recipient actually gets it is a different matter entirely. The same thing can happen with any business. I didn't get the tax forms from my building's management company and accountants until late last week and weekend.

Robert
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Re: late 1099 form
Posted by: Lux Interior
Date: February 17, 2015 07:56AM
Still waiting for my final 1099 from Fidelity.
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Re: late 1099 form
Posted by: Robert M
Date: February 17, 2015 08:34AM
Lux,

Exactly. It takes time for documents to arrive in the mail. I'm still waiting for docs from several financial institutions. To me, the rush to get taxes done doesn't seem prudent to me, even if you're due a refund.

Robert
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Re: late 1099 form
Posted by: Lux Interior
Date: February 23, 2015 10:32AM
Just got an email saying the final version will be available March 14.
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