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Author: irasmilo Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121097  
Subject: Re: to amend or not to amend? Date: 2/17/2003 10:16 PM
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Yes, you should amend, but if you've just efiled, give them a chance to process it; the last thing you need to do is confuse the IRS by amending something they haven't gotten to yet. Admitedly there's not much chance of that; it's most unlikely that a paper amended return would pass a electronic return in the queue. Still, best to wait until you've seen your refund deposited. The amendment process is very simple and logical, as you'll see when you look at the form. I don't think it increases your chances of being audited. On the other hand, failing to report that income is almost certain to get their attention, which is always a Bad Idea ;-)

I'll take a different position. While technically (and legally) you should file an amended return, and if you do, you should follow Lorenzo's suggestions, I will suggest that you not file an amended return.

First, calculate what the actual difference in tax will be. If it is only $15 as you suspect, I would ignore the 1099 for now. About a year from now the IRS will complete its computerized document matching program for 2002 and will identify the missing 1099. It may send you a letter asking for the additional tax due. On the other hand, there is a minimum difference which it will ignore. I don't know what the minimum is, but $15 may be under it. If you get the letter, pay up; if not, consider yourself lucky.

Ira
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