Receive the 1099B and 1099DIV after I filed the tax return (which has been accepted), should I amend?

[Jess777]

I found the 1099 B and DIV form for my chase "your invest" account after I filed the tax return, which has been accepted and I have received the refund. I want to report this invest income (though less than $100). According to "Do I need to amend" , I should amend, but turboTax said it will not until 3/26, that the 1040X is available. 

So what should I do to report it in order to avoid potential penalty? 

Thank you!

[rjs]

You should amend. Waiting until Form 1040-X is available in TurboTax will not cause any problems.

[LinaJ2020]

You should wait till 3/26 to fill out the amendment form 1040X in the TurboTax program.  Please note that you only need to file if the result creates a difference in the refund or the tax due.  If the result remains the same, you do not need to file.

Beginning with the 2019 tax year, you can e-file amended tax returns. If you used TurboTax to prepare Form 1040-X, follow the software's instructions to e-file the amendment.

To see how to amend your taxes, click here: 

Steps to amend in TurboTax

How to file amendment

Please be aware that the IRS limits the amount of time you have to file an amended return to claim a refund to:

• Within three years from the original filing deadline, or
• Within two years of paying the tax due for that year, if that date is later.

[Jess777]

Thank you Lina,

I just used the Turbotax to amend the return. There is no change in federal refund or return, but I due $1 state tax. So I don't need to e-file the amend document to federal, but only need to mail the amend document and the $1 check to state. Is that correct?

[Jess777]

Thank you Lina,

A small follow up: though there is no change in my federal refund, and I don't owe federal tax, should I still e-file them the amend documents, so they have a record of my added 1099 forms?

[rjs]

The IRS does not want you to file the federal amended return if there is no change in the tax or refund.

It's not necessary to file the state amended return either, or to pay the $1. The state isn't going to care about a $1 difference.

[LinaJ2020]

You do not need to amend the federal.  For state, I will amend and pay that $1, just in case.  

@Jess777