Question

I received a notice from IRS saying I may need to amend with form 1040 - X based on my crypto / securities through Robinhood. I submitted all paperwork Robinhood provided

Forum|Forum|3 years ago
February 16, 2023
1 reply
0 views

I received a notice from IRS saying I may need to amend with form 1040 - X based on my crypto / securities through Robinhood. I submitted all paperwork Robinhood provided. Now we get a notice saying that Robinhood reported Gross Profit of $xxx,xxx (which is what we reported as well) but this notice does not included the gross loss and the net gain/loss numbers in this notice

TurboTax Self Employed Online

G

GeorgeM777

There could have been a Robinhood Supplemental 1099-B that was issued for the tax year at issue and some of the amounts on the Supplemental 1099-B may be different than the original 1099-B. What year is the IRS suggesting you amend?

Moreover, in your post you mentioned that the IRS indicated that you may need to amend your return. If the IRS letter uses the term may, rather than must, it could be that they are just suggesting that you review your return carefully and make sure the reported amounts are correct. However, do not close this matter until you have confirmation from the IRS, or can speak with one of their Agents, that no amendment is necessary. See if there is a contact number on the letter you received which you can call to get further information.

In the meantime, review your return and see if you made any adjustments to the cost basis for any entries. But double-check all of the entries. Also, check with Robinhood to ascertain whether there were any supplements to your 1099-B.

@mrscox987

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"