Do I need to amend my return if...

[Will0045]

Hello,

So I filed my tax returns and have already received my tax return money earlier last month. 

A week or so after receiving my money, I received a 1099B form for selling stock at my company (which I could have sworn I did back in 2019, but evidently not). The total amount I received for selling my stock was a $700.

The two questions I have in regards to this are:

1) Should I go through the process of Amending my return in order to add the 1099B?

2) If I amend the return, would I have to pay the TurboTax Deluxe fee again to submit a new amended tax form?

Thanks for your time.

[AmyC · Accepted solution]

1. Yes, you want to amend and pay the taxes on the 1099-B. Here's why. If you don't, the IRS will catch it in 3-4 years and charge you penalties and interest.

2. There is no charge to do an amended return. It is free after paying for the original tax return. Here is how:

• Save a copy of the original return before doing an amended return. See: 
  • how to file an amended return.
  • I need to amend my state return.
  • Can I e-file my amended state return?
  • Can I e-file my 1040X to amend my return?
• Pay additional tax. Taxpayers who will owe more tax should file Form 1040-X and pay the tax as soon as possible to avoid penalties and interest. They should consider using IRS Direct Pay to pay any tax directly from a checking or savings account for free.
• Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return?  Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.