Dividend Discomfort

The new tax law that slashes the taxrate on some stock dividends is so complicatedthat even the financial servicesfirms haven't gotten it right. Tax mavensestimate that several hundred thousand1099 forms that brokers and mutualfunds sent to their clients this year werewrong, and new ones had to be generated.If you're among the taxpayers whogot an amended 1099 from your brokerafter you filed your tax return, ask yourtax professional if the new informationchanges your taxable income. If it does,you should file an amended return onForm 1040x. If you don't file an amendedreturn, the IRS won't come after you ifyou're owed a refund; if you owe them,however, you can expect a letter from theIRS asking you to pay up, with interestand possibly penalties.