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February 19, 2024
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Do I need to amend for two 1099-B forms?

  • February 19, 2024
  • 1 reply
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I filed our taxes about 2 weeks ago and just received (2) 1099-B forms. After inputting, it did not change amount of taxes due or in my case a refund (net $3).  Do I need to file an amended return anyway as the forms were sent to the IRS? 

Best answer by ThomasM125

It would be wise to amend the return since you are reporting 1099-B forms. The problem is the IRS may focus on the sale amount and not necessarily the cost basis of the investments which may or may not have been reported to the IRS. If you decide not to do the amendment, you may get a notice down the road assessing taxes based on the investment sales and then you will have to correspond with the IRS to get the taxes reversed.

1 reply

February 19, 2024

It would be wise to amend the return since you are reporting 1099-B forms. The problem is the IRS may focus on the sale amount and not necessarily the cost basis of the investments which may or may not have been reported to the IRS. If you decide not to do the amendment, you may get a notice down the road assessing taxes based on the investment sales and then you will have to correspond with the IRS to get the taxes reversed.

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