Double payed capital gains taxes on joint mutual fund account.

Forum|Forum|3 years ago
September 11, 2022
1 reply
11 views

Hi, I just discovered that both my Mom and I (joint owners of mutual fund account) paid capital gains on a mutual fund sale in 2021. I am trying to help her file an amended return with Turbo Tax but can't figure out how to remove(?) the 1099 form. When I select amend a return it looks like you are starting a new return and I can only add investments, and information rather than delete. Does this make sense. Thank you in advance.

Critter-3

Level 15

In the investment or Dividends sections, in addition to adding more entries you should be able to edit or delete an entry already made. Also joint accounts are reported under one SS# only and that is the return the income should be reported on so amend the correct return.

flp1Author

Level 2

When I select amend a return it, it starts me off like I am starting a whole new return without any data already there? It does not look like I am working on my 2021 return. Also if the account was under my social, and both of us paid capital gains on the account, should my parent or I submit an amended return and will we both get partially reimbursed for the capital gains already paid? thanks again.

Critter-3

Level 15

If you reported all the income on your return then the second person listed on that account does not need to report anything so your parent's return needs to be amended.

Going forward you could enter 1/2 of the reported income on each of your returns however this could get you issued an IRS letter for under reporting the income on your return. Your choice on which way you wish to handle this.

As for the amendment ... you must log into the same account online and choose the amendment process. Choose a reason for the amendment then go to the PRINT CENTER under the TOOLS option in the menu on the left ... do you see the original return filed ?