After I filed and my return was accepted, I got a late 1099-B. It broke down some of the proceeds into short and long term proceeds. When I go back to turbo tax and enter the detailed info, it very closely matches the numbers I had calculated for my basis. And after entering all the data and re-running my return, it comes up to a net of ZERO due. Should I even bother filing the amended return? (Total proceeds are less than $500)
Yes, unfortunately, if the IRS computer finds the underreported income, it will only look at gross proceeds and include each transaction with a gain and ignore any individual loss transactions or unreported basis. It is best to amend now and not have to deal with it later.
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