I got a corrected 1099 form for 2020. I already filed my 2020 taxes, literally a day before I got the corrected form, which was accepted by the IRS. The only thing that changed was my short term capital gains that changed by $1. Do I need to amend my taxes.
No. For such a small difference it is not necessary to amend your tax return.
Same here.
I got a corrected 1099 form from Robinhood for 2020 and I already filed my return. The only thing that changed was my short-term capital gains that changed by less than $1. Even the Document ID, which I linked to the TurboTax is the same.
Not sure if I need to amend this one.
@fyccccc wrote:
Same here.
I got a corrected 1099 form from Robinhood for 2020 and I already filed my return. The only thing that changed was my short-term capital gains that changed by less than $1. Even the Document ID, which I linked to the TurboTax is the same.
Not sure if I need to amend this one.
@fyccccc You do not need to amend your tax return for a difference of only $1 of income.
Would a correction of $26 on my Robinhood 1099 need amend? I know with the unemployment break it says it would be slowed down if I do an amend. So I'm curious if I need to amend or wait for the IRS to send me mail to pay up. Also, I'm in college so I have the AOTC and it seemed to cover the tax payments on my stocks when they were entered. Thanks.
With such a small change, it might not affect your taxes much. However, I will suggest you to proceed to edit information under Amendment to verify the change. If you end up owing, the IRS might impose interest and penalty if you do not pay promptly.
Please continue to read:
If you have already submitted your tax return, you will have to wait until the IRS either accepts or rejects your return. You cannot return to the program to make any changes before that.
If your return got rejected for whatever reasons, you can return to the program to edit info along with other changes. You do not need an amendment 1040-X.
If your return has been accepted, you will have to amend your return by filing a form 1040X only if there is a change in your total refund or tax due. You should not try to amend your return until it has been fully processed and you have received your refund or your payment has cleared.
Beginning with the 2019 tax year, you can e-file amended tax returns. If you used TurboTax to prepare Form 1040-X, follow the software's instructions to e-file the amendment.
To see how to amend your taxes, click here:
@slava1mak