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Thanks, I'll get right on it.
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I would wait. It is very likely they will find it and send you a bill for taxes plus interest to the date paid. The amended return saves you interest costs, but in this case that is likely to be less than the price of lunch.
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I'm going to disagree. No reason to wait for the IRS to send a letter.

As a matter of practice, the IRS doesn't charge late payment penalties on amended returns, unless the omission seems to be egregious. Since the IRS depends heavily on voluntary compliance, they want to encourage that compliance.

With a CP2000 notice (the "letter"), they can charge late payment penalties. They generally don't, but they can. And if you fail to respond in a timely fashion to that notice, they almost certainly will charge the penalties.

So better to get it out of the way than have it hanging over your head for the next 12 to 18 months.

--Peter
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Thanks, I'll get right on it.
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Well, you've heard from Peter and Paul - two of the better-known apostles in this forum. Just goes to show that even with taxes, reasonable people may differ.

My opinion may go either way, as to what I'd to, depending on:
1. Is the adjustment in question for qualified dividends?
2. And what is your applicable tax bracket?

If it is for qualified dividends, and your tax bracket is 15% or less, this shouldn't change your federal tax, except for rounding. I'd let it go.

If it is for qualified dividends, and your marginal rate is over 15%, then it will be taxed at 15%. And 15% of $276 is $42. And the IRS charges interest at 3%. Then it's a matter of your judgment as to whether it's worth the time and aggravation to do the amended return. You may hear from the IRS, or maybe not.

If it's not for qualified dividends, then it will be taxed at your marginal rate. Might be worth amending, depending on your rate.

If you used TurboTax or a similar program to do the return, it might be easy enough to fix.

And you have to consider the effect on state taxes, as well.

Bill
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