Corrected 1099 from Robinhood

Forum|Forum|5 years ago
March 22, 2021
2 replies
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I got a corrected 1099 form for 2020. I already filed my 2020 taxes, literally a day before I got the corrected form, which was accepted by the IRS. The only thing that changed was my short term capital gains that changed by $1. Do I need to amend my taxes.

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Best answer by rjs

No. For such a small difference it is not necessary to amend your tax return.

rjs

Answer

Level 15

No. For such a small difference it is not necessary to amend your tax return.

fyccccc

Level 2

Same here.

I got a corrected 1099 form from Robinhood for 2020 and I already filed my return. The only thing that changed was my short-term capital gains that changed by less than $1. Even the Document ID, which I linked to the TurboTax is the same.

Not sure if I need to amend this one.

rjs

Level 15

@fyccccc wrote:

Same here.

I got a corrected 1099 form from Robinhood for 2020 and I already filed my return. The only thing that changed was my short-term capital gains that changed by less than $1. Even the Document ID, which I linked to the TurboTax is the same.

Not sure if I need to amend this one.

@fyccccc You do not need to amend your tax return for a difference of only $1 of income.

slava1mak

Level 2

Would a correction of $26 on my Robinhood 1099 need amend? I know with the unemployment break it says it would be slowed down if I do an amend. So I'm curious if I need to amend or wait for the IRS to send me mail to pay up. Also, I'm in college so I have the AOTC and it seemed to cover the tax payments on my stocks when they were entered. Thanks.