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Level 2
posted Mar 19, 2024 6:53:53 PM

Extension filed for 1099-B from issuer

I just received a 1099-B, which the issuer filed an extension to issue.  Unfortunately, I had already filed my taxes.  After calculating the amended filing, the additional refunds owed to me are Fed $145 and State $39 because I had a net capital loss. 

 

My question is since the 1099-B only shows sales and proceeds and not all equivalent cost basis, which is about $20k difference when input actual cost basis, do I still need to file an amendment for such a small amount of refund?

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1 Best answer
Expert Alumni
Mar 19, 2024 7:39:30 PM

You should file an amendment since your 1099-B doesn't report cost basis so that you can record that with the IRS.  If you don't, the IRS will assume a basis of 0 and you may get an "automated underreporter notice". 

Filing an amendment in your case will save potential hassle down the road.    

1 Replies
Expert Alumni
Mar 19, 2024 7:39:30 PM

You should file an amendment since your 1099-B doesn't report cost basis so that you can record that with the IRS.  If you don't, the IRS will assume a basis of 0 and you may get an "automated underreporter notice". 

Filing an amendment in your case will save potential hassle down the road.