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bbmarion
New Member

I received a corrected 1099 after receiving my refund. The error is in the IRS favor. Do I need to file an amended retrun?

The error was on the cost basis for an ETF, which showed a negative $13.90 that was not on the original document.
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DianeW
Expert Alumni

I received a corrected 1099 after receiving my refund. The error is in the IRS favor. Do I need to file an amended retrun?

No, you are not required to amend your return for a difference that produces an additional refund for you, based on your circumstances.  As long as all of your sale proceeds were recorded and offset by the cost basis you do not need to amend. The IRS looks for the income on the return, they don't try to match cost basis.

Maintain the documents for your tax file should you need that in the future.

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1 Reply
DianeW
Expert Alumni

I received a corrected 1099 after receiving my refund. The error is in the IRS favor. Do I need to file an amended retrun?

No, you are not required to amend your return for a difference that produces an additional refund for you, based on your circumstances.  As long as all of your sale proceeds were recorded and offset by the cost basis you do not need to amend. The IRS looks for the income on the return, they don't try to match cost basis.

Maintain the documents for your tax file should you need that in the future.

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