Question

Received updated 1099-B after filing my 2021 returns

Forum|Forum|4 years ago
March 15, 2022
2 replies
0 views

I just e-filed my 2021 returns last Saturday, 3/12 and it was accepted, but I received an updated 1099-B today, 3/15. Should I amend my returns immediately?

TurboTax Premier Online

rjs

You should not file an amended return until your original tax return has been processed and you have received the refund.

How much of a difference is there on the updated 1099-B? If the difference is very small you do not have to bother amending.

J

JillS56

I agree with @rjs and @JulieS that you should not amend the return until your original return has been processed.

Before you amend your return, have you compared the updated 1099-B with the original 1099-B. You may not even need to amend. To quickly determine whether there are any changes, look at the total of the transactions. Do the amounts match with the original return. If no changes, you do not need to amend.

If there are differences in the return, how much of a change, it may not result in a change in income or loss and the tax amount may not change, in which case you do not need to file an amended return.

M

mwhpe1

Obviously, if the amendment is insignificant then why bother amending the tax return! How does one download the significant and numerous corrections from the broker? Doing this manually will take HOURS!

J

JulieS

No, you should not amend your tax return until you are sure your return was fully processed.

If you are expecting a refund, you should wait until your receive that refund.

If you owe, you should wait for 21 days after you received the message that you return was accepted.

Here is how to amend when the time comes. If you used TurboTax Online:

Log in to your account, scroll down the first page and select 2021, then Amend using TurboTax Online.
Answer the first few questions, then select your reason for amending.
Return to the sections that were changed on your 1099 and correct the figures. Please note that often only a few figures are changed. Look for a notation that the figure was changed, typically it will be a capital C next the figure.
Keep going until you submit your amended tax return

If you used our CD/download product:

Open up your return and select “Amend a filed return.”
Answer the first few questions, then select your reason for amending.
Return to sections that were changed on your 1099 and correct the figures. Please note that often only a few figures are changed. Look for a notation that the figure was changed, typically it will be a capital C next the figure.
Keep going until you submit your amended tax return.

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