I just received a revised 1099-B from my brokerage where they revised the cost basis for some transactions and my overall short term gains is now less by $20. My 2021 federal and state taxes are already submitted and accepted. Am I required to file for an amendment or can I skip? I understand that the revision is in my favor but it is a very small difference from original. Please advise.
You don't need to amend your return since the adjustment is in your favor and also it is an insignificant amount. You can amend it if you want though.
You can file an amended return using TurboTax for no additional fee. You will see the option on your Home Page in TurboTax, then under Your tax returns and documents, look for an option to Amend/Change your return. You should wait until you receive your refund or the IRS has processed your return, if you sent a payment, before you amend your tax return.
You don't need to amend your return since the adjustment is in your favor and also it is an insignificant amount. You can amend it if you want though.
You can file an amended return using TurboTax for no additional fee. You will see the option on your Home Page in TurboTax, then under Your tax returns and documents, look for an option to Amend/Change your return. You should wait until you receive your refund or the IRS has processed your return, if you sent a payment, before you amend your tax return.
Thanks Thomas for the quick response. My federal tax payment is processed as I see the transaction on my bank account. But my state refund is pending. Do I wait for the state refund to be processed before I can file the amendment if I choose to? I mostly won’t file since the amount is very small.
Yes, you should wait for the state refund to be processed if you choose to file the amended return. Here are the instruction to amend a state return.