What should I do if I didn't fill Box 4 Federal tax withheld while filling returns for 1099-b

[timothywoool]

While I was filing my tax return last year, I got to the step to manually fill out stock sales one by one as shown above, and then I didn't fill Box 4 Federal tax withheld although there was Federal tax withheld indicated on my 1099-b. Therefore, I think I paid more than I should have paid, the amount withheld (40% of the gains), and the amount I claimed in my tax return. I would like to amend to last year's tax return and get this issue resolved. Could someone help me understand how I can get the tax return amended? Thanks a lot in advance!

[MarilynG1]

Be sure to save a copy of your Originally Filed Return.

Click this link for instructions on How to Amend Your 2020 Return. 

When you open your return to Amend, you can go directly to the 1099-B section to add the Federal Tax Withheld.

Type '1099-B' in the Search window, and click on 'Jump to 1099-b'.

[timothywoool]

Thank you so much for your reply 🙂 I managed to enter the info into an Amend session and got positive numbers on the up right corner, which is great. However, I don't think the amount matches what I expected. If I understood it correctly, although I didn't fill in the Federal Tax Withheld for my capital gains, I was still charged X amount of tax for those gains. The broker also held Y amount of money last year for Federal Tax. Therefore, I "paid" X + Y amount of money last year. After I filled out the Amend form so that the field Federal Tax Withheld is filled this time, the software shows I only get a refund of amount Y - X. I felt I paid X twice. Could you help me with this situation? Or could you help correct me if I understood something wrong? Thank you so much!

[MarilynG1]

Yes, it would logically seem that your Amended Return would net you a refund of Y amount that was not included in your original return.

Since we can't see your tax return in the forum, I would suggest that after you enter the corrected tax on your 1099-B, click through the amended return to the end to be sure the calculations are completed (if you did not do so).

If you are using TurboTax desktop, you have the benefit of looking at the calculations on the actual forms (1099-B, Schedule D, Form 1040) in FORMS mode.

In TurboTax Online, you could print your return with forms and worksheets to check the amounts.

It's also possible that if tax was underpaid in some other area, you would not get the full amount of Y with your amendment.

If you can't resolve this, you could contact TurboTax Live to review your return.

[timothywoool]

Thanks for the pointers. I haven't taken a closer look at the forms the software prepared. I will take a look at them. 

Thanks again for your replies. Super helpful!