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September 4, 2020
Question

I lost money on stock investments but the person that did my taxes reported it as if I won money on stock investments does that count for amending my taxes

  • September 4, 2020
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1 reply

rjs
Employee
September 4, 2020

If your stock sales were reported incorrectly on your tax return, you should file an amended return to correct it. Don't file the amended return until your first return has been processed and you have received the original refund.


You should first review your tax return and the 1099-B forms for your stock trades with the person who prepared the return, or with someone else who is knowledgeable about tax returns, to make sure that it really is wrong. The best way to do an amended return is to have it done by the person who prepared the original return, unless that person is unavailable or you have concluded that he or she is not trustworthy. An amended return uses the original return as a starting point. The person who did your original return has it in his or her software. For someone else to do the amended return, they would first have to recreate the original return. If you paid the person who prepared your original tax return, and the errors were that person's fault, he or she should prepare the amended return at no charge.