Hi, I already submitted/filed my taxes through TurboTax. But Schwab notified me of a corrected 1099. What to do? It's not April 15 yet. Do I wait before or after?

Forum|Forum|5 years ago
March 17, 2021
2 replies
28 views

Correction is on Form 1099-B Cost Basis and Realized Gain or Loss. Thanks for the help.

TurboTax Premier Online

Best answer by MinhT1

The corrected form 1099 should be reported on your tax return if that form changes any numbers previously reported.

If you have already filed your return, you'll need to wait for your tax return to either be rejected or accepted, if it is rejected you can add your Form 1099, correct any other errors on the return and resubmit it.

If it is accepted, you will need to amend your return to include the corrected Form 1099.

Amending won't delay your original refund. However, if you're amending to claim more money, the IRS says to wait until you've received your original refund before filing an amendment. Once you've received your original refund, feel free to cash or spend it while your amendment gets processed

Please be aware that Form 1040X will not be available in TurboTax until March 25, 2021, but once it is available, you will be able to prepare and e-file your amended return.

Please see this TurboTax FAQ for instructions on how to amend your tax return in TurboTax.

MinhT1Answer

Level 15

The corrected form 1099 should be reported on your tax return if that form changes any numbers previously reported.

If it is accepted, you will need to amend your return to include the corrected Form 1099.

Please be aware that Form 1040X will not be available in TurboTax until March 25, 2021, but once it is available, you will be able to prepare and e-file your amended return.

Please see this TurboTax FAQ for instructions on how to amend your tax return in TurboTax.

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