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I received a 1099-DIV form that indicated that the dividends paid were ordinary. I filed my tax return as such. Now, I've recently received a revised 1099-DIV form that indicates that the dividends are qualified. Do I need to amend my tax return?


The BIDaWIZ Team's Answer:

You do not need to amend your tax return since you will not owe any additional taxes from the mistake. Rather, you would receive a tax refund if anything for the over-payment. You need to decide whether or not it makes sense to amend the tax return as it will take time and cost money to do so. Please note that the over-payment could be significant as the same maximum tax rate that applies to capital gains applies to qualified dividends. To figure how much the refund you will need to calculate the difference between the amount of the recharacterized dividend by the old tax rate versus the new rate.

The BIDaWIZ Team



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