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

Posted: Thu Mar 15, 2012 6:59 pm
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

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

Posted: Thu Mar 15, 2012 7:05 pm
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.

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

Posted: Thu Mar 15, 2012 7:34 pm
by kikie
will take a look

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

Posted: Thu Mar 15, 2012 8:00 pm
by SSSS
I wouldn't consider it worth anyone's trouble. Donate it to charity or over-report next year.

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

Posted: Thu Mar 15, 2012 8:14 pm
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?

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

Posted: Thu Mar 15, 2012 8:34 pm
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.

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

Posted: Thu Mar 15, 2012 10:27 pm
by abuss368
You are probably fine.

The IRS will send you a statement if they consider it material.

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

Posted: Thu Mar 15, 2012 10:41 pm
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.

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

Posted: Thu Mar 15, 2012 11:54 pm
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

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

Posted: Fri Mar 16, 2012 12:02 am
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.

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

Posted: Fri Mar 16, 2012 12:33 am
by kikie
thx, ya i'm 40 something, what a world ....