Wrong payer name when filing return on TurboTax - need help fixing mistake!

Don't panic! This is a common mistake that happens to many first-time filers. The good news is that the 1099-DIV information is reported to the IRS using your Social Security Number, so the IRS matching system will still be able to verify that you reported the income, even with the wrong payer name. Since you correctly reported the dividend amount of $348, you're unlikely to receive a notice about underreported income. The payer name is primarily used for identification purposes and doesn't affect your tax calculation. However, for complete accuracy, you could file an amended return using Form 1040-X. That said, given the relatively small amount and the fact that you reported the correct income, many tax professionals would consider this a minor error that doesn't necessarily require amendment. The IRS is generally concerned with whether you reported all income correctly, not whether you got every detail of the source perfect.

I went through something similar last tax season and found taxr.ai (https://taxr.ai) super helpful for figuring out if I needed to amend. I had mixed up a couple of 1099 payers on my return and wasn't sure what to do. Their system analyzed my documents and quickly confirmed I had reported the right amounts even though I had the wrong payer names in a couple spots. They explained that the IRS cares more about the amounts matching up than the exact payer names. What I liked is that they could look at both my filed return and my actual tax documents to compare them side by side. Saved me from filing an unnecessary amendment and gave me peace of mind that I wasn't going to get in trouble.

Just wanted to update - I used taxr.ai after posting my question and it was actually really helpful! Uploaded my 1099-DIV and my filed return, and the system confirmed I had the right amounts reported even with the wrong payer name. They explained that since the total amounts match what the IRS has on file, a notice is unlikely. They also showed me exactly what would happen if I did get a notice and how to respond. Apparently, as long as the amount is correct, it's usually just a matter of explaining the mix-up if they even contact you at all. Way less stressful than filing an amended return or wondering if I was going to get in trouble!

I had the exact same issue last year but with a much bigger dividend amount. Spent WEEKS trying to get someone at the IRS on the phone to ask if I needed to amend. Finally found https://claimyr.com and their service got me through to an actual IRS agent in about 20 minutes instead of the hours I'd been wasting on hold. You can see how it works here: https://youtu.be/_kiP6q8DX5c The IRS agent told me that as long as I reported the correct amount of dividend income, the payer name discrepancy wasn't something I needed to file an amendment for. They said their system matches primarily on the dollar amounts and your SSN, not the payer names. Saved me a ton of worry and unnecessary paperwork!

Ok I need to eat my words from my earlier comment. I was super skeptical about Claimyr but I tried it yesterday because I was desperate to talk to someone at the IRS about this exact issue (wrong payer name). I've been calling for THREE DAYS with no luck. The service actually worked! Got connected to an IRS agent in about 35 minutes. The agent confirmed that as long as I reported the correct dividend amount, the wrong payer name wasn't something they'd send a notice about. She explained that their matching system is primarily looking at the income amounts, not the specific details of where it came from. So for the OP - according to the actual IRS, you don't need to file an amended return for this. Just make sure you get it right next year!

Just my two cents, but you should also double-check if the payer EIN (Employer Identification Number) on your 1099-DIV matches what you entered. That's actually more important for matching purposes than the payer name. If you put in the wrong EIN, that might be more of an issue than just the wrong name.

If you entered the info from a paper form, check if you maybe typed the EIN wrong too. I did the exact same thing last year (put Vanguard instead of the actual fund name) and also transposed two digits in the EIN. Got a letter from the IRS about 4 months later. Wasn't a big deal - just had to respond with the correct info.