Question

Amending return with change to 1099-B

Forum|Forum|5 years ago
July 17, 2020
1 reply
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I filed my taxes several months ago, but just received notice from my bank that a cost basis changed for a couple of stock sales. I received a new 1099-B. I am attempting to amend my taxes, so I made a copy of the turbo tax file, and changed the cost basis values that changed. (total of about $24 difference).

When starting to amend, the values at the top of TT show $0 for fed and state refund. After I change the values for the cost basis, the totals in the Form 1099-B Wks and Schedule D don't change. The values at the top stay $0. I should owe an additional $3 or $4.

I tried this in the Step-by-Step view and in the Forms View, and I tried changing the values manually, and by re-importing the 1099-B from my bank. In all cases, the individual values change, but the totals for all values do not change, and Schedule D never changes.

Any ideas?

TurboTax Home & Biz Windows

T

Texas Roger

Employee

You cannot change the original return until you have started the amended return process. You must change the return back to what it was when you originally filed and then start the amended return. You then make the changes that you are amending the return to make. That is the only way for the 1040X to show the differences between the original return and the amended return.