Yes. Tax forms do go on the tax return. The 1099-B with a loss should be entered.
Your 2020 1099-B, the IRS will eventually notice you did not file it. If it also has a loss or very small gain, the IRS will not be concerned. Otherwise, you will need to file an amended return.
If you owe money, you will want to pay it sooner rather than later with additional penalties and interest.
Please:
- Save a copy of the original return before doing an amended return.
- See how to file an amended return.
- Follow your amend at track an amended return
- Here is a great FAQ to show the math for amended returns.
- If you will owe money - make that payment right away.
In addition, you may need to file a state return.
Since you must paper file, tracking is recommended to ensure the safe arrival of your forms.
@TaxFilingMom
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