My brokerage firm sent me an amended 1099-MISC after I filed my now-accepted return. Can I import the amended 1099 into TurboTax to file an amended return?

[BrandiLO]

Yes, importing is available while amending a return. You state however that you received a 1099-MISC from your brokerage, but brokerages do not issue 1099-MISC, can you please clarify the form type?

[gehrests]

We received Corrected Consolidated Form 1099s which include 1099-DIV, 1099-INT, and 1099-B. I attempted to edit each of those, and none provided the opportunity to import the forms.

[LeonardS]

If you have filed your tax return and then discover that you have to add/correct information you will have to wait until the IRS either accepts or rejects your tax return. 

If the return is rejected you will correct the error that caused the rejection, then add/correct the information and refile your return. 

If the return was accepted by the IRS then you will have to file an amended tax return using Form 1040X to add/correct the information to your tax return.

This link to the TurboTax Help page  How to amend (change or correct) a return you already filed provides information on how to amend your tax return.

[Bp15]

My brokerage firm also sent a combined tax document that includes a 1099-MISC for a couple of cash payments on investments.  When I enter this in turbo tax as “other income 1099-MISC”, turbo tax assumes this is for work (like wages) or self employment.  How would I correctly enter this info? 

[Anonymous]

wrong brokers do issue 1099-misc but not for self-employment purposes.  this is usually for royalties or other income that can't be reported on other forms. you can actually import these into TT and they will show up on schedule E if royalties. if you enter manually you must make sure the amounts are entered on line 2 of 1099-misc if royalties otherwise they would need to be entered through other income to show up on schedule 1

there can be other reporting that does not import at all - info on Widely Held Fixed Investment Trusts (WHFIT) 

[jdoan]

I deleted the original 1099-B and import again. I got the the same old 1099-B instead of the corrected one. It seems that Turbo tax need to do something

[PattiF]

Did you file your return already?

If you have already filed, and there are sizeable changes on the corrected Form 1099-B, then you will have to file an amended return. Compare the two forms and see what entries have changed in the corrected version. The new information will have a "C" besides what is corrected. If the differences aren't very big and they often are minor amounts, then there may not be a change in your tax liability.

Here are the  2020 IRS Tax Table. You can check if your tax liability will change with the new amounts.

[jdoan]

I already imported the right one

[KathrynG3]

Report Form 1099-MISC as received in Less Common Income as Miscellaneous Income. This will not subject the income to self-employment tax.

If this is for free stock, then if the stock was subsequently sold, the basis in the stock should be adjusted. If proceeds captured on Form 1099-MISC are already reported in the Investment section, it is allowable to zero out this reporting.

To do this in TurboTax, follow these steps:

Step 1 and 2:

1. From the left menu, select Federal.
2. At Wages & Income, scroll all the way down to Less Common Income and click Show More.
3. Select the last listed option for Miscellaneous Income 1099-A, 1099-C, click Start.
4. Next, select the last listed option Other Reportable Income.

1. Did you receive any other taxable income? click Yes.

1. Other Taxable Income: Enter your description including the name of your broker, such as Robinhood, and Form 1099-MISC as received, the amount and click Continue and Done.
   1. Disregard the comment "Do not enter income from Form 1099-MISC here" because this is meant to guide taxpayers reporting typical 1099-MISC income. Your case is less common and this is how to report it in TurboTax. 
2. Select Add Another Income Item.
   1. For description, enter Form 1099-MISC reported on Schedule D.
   2. For the amount, enter the same number on Form 1099-MISC as a negative amount. For example, if the first entry was for 10, then the offset would be -10.

Step 3:

1. Click Income & Expenses, the first tab across the top, on the left inside TurboTax.
2. Scroll down to Investment income and Show More.
3. At Stocks, Mutual Funds, Bonds, Other (1099-B) or Cryptocurrency, wherever these details were uploaded or entered, select Revisit.
4. If this transaction is not already added, select Add more sales. Otherwise, select Edit/Review to adjust the Proceeds from Sales and Cost basis from sales for this transaction.

For more information, see:

5 Things You Should Know about Capital Gains Tax - TurboTax Tax Tips & Videos

How is cryptocurrency like Bitcoin taxed?

@Bp15

If the return has not been filed, it is ok to delete the prior import and re-upload the corrected import.

However, if you have filed, then you must delete the corrected import, and re-import the incorrect import so that your tax return is returned to the original filing. This is essential so that Form 1040-X is prepared with the original filing in Column A, the change in Column B, and the updated return in Column C. This form will not be ready for another few weeks, but you can begin the amendment while you wait. Click the link for the most recent information about when Form 1040-X will be available.

• After the return is restored to the originally filed status, then begin the amend(change) return process. 
  • To file an amended return, open your return. It will be at your Tax Home.
    • Scroll down to find Your tax returns & documents and Show.
    • Click 2020 and Amend(change).
      • For more details, see: How do I amend my 2020 TurboTax Online return?
  • Only after the amendment has been triggered, then delete the incorrect import. Re-import the corrected information.
    • To delete forms, follow these steps:
      • ​​​​​​​From the left menu, select Tax Tools.
      • Select Tools.
      • Scroll to Delete a Form.
      • Scroll to Form 1099-B and select Delete and Delete Selected Form and Continue.
        • ​​​​​​​Do this one at a time for any corrected forms.
      • Scroll to the bottom of the next window and select Continue With My Return.

@jdoan

[rjyoder2]

I've filed federal tax and refund has been received. I received "Your revised tax summary statement"  report for 3/15  mailing.  I had imported the information on the first filing. How can amend my filing to the new tax information? Can I just re- import the information?  Can I do this on my turbo tax software? 

Thanks

Roger 

[ThomasM125]

You need to prepare an amended return to correct the 1099 form input. You can try to delete the one in there and import the corrected one, but I'm not sure if the corrected one can be imported.

It may be better to edit the one entered and change the numbers that were corrected.

You will see an option to amend a tax return on your home page when you log into your TurboTax program. Choose that option and follow the instructions to amend your return.

Often, when you get a corrected form 1099 there may be only minor or inconsequential changes made, so you may want to compare your original form with the corrected one before you go to a lot of trouble amending your return.

[samjlee96]

So my brokerage for some reason corrected the tax form after I submitted my tax returns.  However, there is only a $1 difference in the corrected tax form.  Do I need to submit an amended form for this?  Please let me know.  Thank you.

[PattiF]

No, you do not need to amend your tax return for a $1 difference in the corrected 1099-MISC. 

The IRS recommends that you do file if there is a change in tax liability. Your tax liability would not change for this amount, and you do not need to amend your return.

See  IRS Tax Topic No. 308.

[Kari C]

Hello.

Our 2021 taxes are all filed, accepted and refunded. 

Today I received an email saying I have to re-import a 1099 from our brokerage.  I've tried to follow the steps given, but what the email says should be on my screen is not.  I believe since it is already filed, there may be different steps to take.  I have tried to access all the downloaded forms we originally imported, but am coming up empty. 

How can I find out if there truly is a discrepancy if I cannot access the wages & income for the federal return?

I appreciate any help

Thank you!

Kari