406478
Q1) Forgot to include 1099-B but the gain is only $61.00. Should I file an amended return form 1040X? If yes than what is the procedure for Federal and State tax Amended return?
Q2) How notify address change to IRS for future communication? So that I will receive any Query from IRS.
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Yes, you will need to file an amended return to report the missing 1099-B information. You can also updated your address on the amended return. . If you already filed your return you will need to wait to see if it was rejected or accepted. If they were rejected you are able to login to your return to fix what you need to fix and fix the errors that caused the rejection and refile the return. If your returns were accepted, then you will need to file an amended return. You should not try to amend your return until the original return it has been fully processed and you have received your refund or your payment has cleared.
Amended returns do not “catch up” to your original return and replace them;
they are processed as two separate returns.
Amended returns have to be printed and filed by mail. It can take the IRS
up to 12 weeks or longer to process them. If you are due a larger refund
than on your original return, your amended return should only show the
difference and you will receive a separate check for it. If you owe money
on your amended return, it will show only the new amount owed, you will have to
mail a check with the return. You can check the status of your amended return
by clicking here:
https://www.irs.gov/filing/individuals/amended-returns-form-1040-x-/wheres-my-amended-return-1
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