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I forgot to add my 1099 (Robin hood) to my taxes, what should I do. Not sure if it is necessary to amend. Are there any punishments for this?
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I forgot to add my 1099 (Robin hood) to my taxes, what should I do. Not sure if it is necessary to amend. Are there any punishments for this?
You need to amend your return to include the missing information from your return. The IRS will have copies of that as well and will be looking for that on your 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
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
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I forgot to add my 1099 (Robin hood) to my taxes, what should I do. Not sure if it is necessary to amend. Are there any punishments for this?
You need to amend your return to include the missing information from your return. The IRS will have copies of that as well and will be looking for that on your 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
**Mark the post that answers your question by clicking on "Mark as Best Answer"
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