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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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.
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.
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