"In The VG"/ amending a 1040 for $9

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
Topic Author
kikie
Posts: 339
Joined: Sat Apr 09, 2011 4:37 pm

"In The VG"/ amending a 1040 for $9

Post by kikie »

was just reading thru In The VG which says, one gets no 1099 if interest less than $10 sure enough found $12 from 2 sources, i did not put on my 1040, since i've filed already, is it strongly advisable to amend said return for an extra $12 ; i'm half afraid, it may once again alter my IRA phase out limits , which i've already bought ......

mahalo
Those who know do not speak; those who speak do not know.
songman52
Posts: 168
Joined: Fri Feb 24, 2012 2:20 pm

Re: "In The VG"/ amending a 1040 for $9

Post by songman52 »

Don't know if this will help, but since the tax table brackets (if you use the table) are in $50 increments, would the $12 even make a difference in the bracket your AGI falls into? That might help you decide.
Topic Author
kikie
Posts: 339
Joined: Sat Apr 09, 2011 4:37 pm

Re: "In The VG"/ amending a 1040 for $9

Post by kikie »

will take a look
Those who know do not speak; those who speak do not know.
User avatar
SSSS
Posts: 1893
Joined: Fri Jun 18, 2010 11:50 am

Re: "In The VG"/ amending a 1040 for $9

Post by SSSS »

I wouldn't consider it worth anyone's trouble. Donate it to charity or over-report next year.
Topic Author
kikie
Posts: 339
Joined: Sat Apr 09, 2011 4:37 pm

Re: "In The VG"/ amending a 1040 for $9

Post by kikie »

hmm, yeah, would put me into the next tax line another $13

any advice, amend both state and fed for this ? is it an amendment, if its still not past the deadline?
Those who know do not speak; those who speak do not know.
User avatar
SSSS
Posts: 1893
Joined: Fri Jun 18, 2010 11:50 am

Re: "In The VG"/ amending a 1040 for $9

Post by SSSS »

It's an amendment if you've already filed, regardless of if it's before or after the deadline. But amending after the deadline could have penalties.

If the income wasn't reported to the IRS, I'd just over-report next year.
User avatar
abuss368
Posts: 21619
Joined: Mon Aug 03, 2009 2:33 pm
Location: Where the water is warm, the drinks are cold, and I don't know the names of the players!
Contact:

Re: "In The VG"/ amending a 1040 for $9

Post by abuss368 »

You are probably fine.

The IRS will send you a statement if they consider it material.
John C. Bogle: “Simplicity is the master key to financial success."
sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: "In The VG"/ amending a 1040 for $9

Post by sscritic »

Where it might be material is if you are subject to IRMAA on your Medicare Parts B and D premiums. $10 of income can cost close to $800 in Medicare premiums if properly placed to push you over one of the break points.
Topic Author
kikie
Posts: 339
Joined: Sat Apr 09, 2011 4:37 pm

Re: "In The VG"/ amending a 1040 for $9

Post by kikie »

sscritic wrote:Where it might be material is if you are subject to IRMAA on your Medicare Parts B and D premiums. $10 of income can cost close to $800 in Medicare premiums if properly placed to push you over one of the break points.

interesting, but not 65 quite yet


consensus, seems to be, don't bother, thanks much
Those who know do not speak; those who speak do not know.
sscritic
Posts: 21858
Joined: Thu Sep 06, 2007 8:36 am

Re: "In The VG"/ amending a 1040 for $9

Post by sscritic »

paix wrote:
sscritic wrote:Where it might be material is if you are subject to IRMAA on your Medicare Parts B and D premiums. $10 of income can cost close to $800 in Medicare premiums if properly placed to push you over one of the break points.
interesting, but not 65 quite yet
It depends on what "quite" means. Your 2011 income is used to determine your 2013 premiums. If you turn 65 in December, 2013, medicare will start for you December 1, and your 2011 income will be relevant. In other words, you could be 63 today, and it could matter.
Topic Author
kikie
Posts: 339
Joined: Sat Apr 09, 2011 4:37 pm

Re: "In The VG"/ amending a 1040 for $9

Post by kikie »

thx, ya i'm 40 something, what a world ....
Those who know do not speak; those who speak do not know.
Post Reply