I filed my 2017 taxes but forgot to add my 1099-B from an inheritance i acquired in December of 2016 and sold in January of 2017. My return has already shows accepted(but not received) for federal and the state, so i went to amend my 2017 return and add my 1099-B. When i added my 1099-B to my return, my state and federal show $0, do i still need to amend the return if there were no changes or not?
You'll need to sign in or create an account to connect with an expert.
It is normal for the Federal and State refund amount o go to zero when you choose that you're amending. The 2017 amend form 1040X is not available yet so you could not have been going all the way though the amend process.
Yes, you should amend, but you wait until after you have received any refund from your original return, and then say you received that refund when you do the amendment. Amended returns have to be mailed on paper and it takes the IRS 12-16 weeks to process them. for now, you should remove any changes you made to your return and then enter them again when you amend. Given that you would use Fair Market Value in December as your cost basis and the sale prices in January, with an uptick in the market you should show some gains.
How to amend:
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed#
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mitchden1
Level 3
sandman6869
New Member
quanheyward88
New Member
jacimmoore11
New Member
08737256af39
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.