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January 31, 2021
Question

1099-B

  • January 31, 2021
  • 1 reply
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completed taxes turbo tax deluxe. needed to correct error involving 1099-B. did not need a 1099-B. my understanding it was for sale of home or sale of stocks. I had neither. please help.

    1 reply

    January 31, 2021

    The 1099-B is for the sale of stock.

     

    If you haven't submitted your return then you can delete the 1099-B:

     

    1. Login to your TurboTax Account 
    2. Click on the Search box on the top and type “1099-B”
    3. Click on “Jump to 1099-B”
    4. Click the "trash icon" to delete the entry

     

     

    If you have already filed your return then you will need to see if your return gets accepted or rejected. Please be aware that the IRS currently won't start processing returns until February 12, 2021.

     

    • If your return will be rejected by the IRS, then all you have to do is make the changes on your return and refile.
    • If your return will be accepted by the IRS, then you have to file an amended return (1040X) to make changes. But you might want to wait until your refund or payment is processed. Please be aware that you can e-file your 2020 amended federal tax return, but most states require amendments to be printed and filed by mail.

     

     Please see FAQ How to amend a tax return for instructions.

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