I submitted my tax return but I made a minor mistake. For one transaction I wrongly reported under "(C) Short-term transactions not reported to you on Form 1099-B " and this is wrong, it should have been reported under "(A) Short-term transactions reported on Form(s) 1099-B showing basis was reported to the IRS". All other transactions are made correctly, should I amend?
You'll need to sign in or create an account to connect with an expert.
I would not amend for this, as long as you correctly reported the amounts and the correct gain or loss for that transaction. It won't have any impact on you tax. There's a remote possibility you'll receive a letter from the IRS about a missing transaction. If so, just respond back in writing with the same explanation you just gave. But I doubt you'll hear from them.
I would not amend for this, as long as you correctly reported the amounts and the correct gain or loss for that transaction. It won't have any impact on you tax. There's a remote possibility you'll receive a letter from the IRS about a missing transaction. If so, just respond back in writing with the same explanation you just gave. But I doubt you'll hear from them.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
rajamj
New Member
KEN405
New Member
user17627469163
Level 1
rnstrahl
New Member
madhutalluri
New Member