Amended 1099B - how different does it need to be to require an updated filing?

I received an updated 1099B which changed my Federal and State taxes. Federal increased by $50 and State dropped by $10. I have already received my Federal refund and paid the state taxes. I would have to give back the $50 to the feds. Should I wait for them to ask for the money or file an amended return?

posted

It's true that it is your choice, however when the IRS comes to collect there will be penalties and interest applied. Based on your amount calculated to be paid back it may not be that much but I wanted you to be aware of the future consequences.

It's not difficult to amend and you can do it with your TurboTax file, then mail them (federal and state) off. This will eliminate any issue in the future which will take quite a while for the IRS to connect your 1099s with your tax return.

@Wags42

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