Tax amendment due to mistakes in Year End Tax Package from Ameriprise

tdo061803 · ‎January 17, 2020

Dear all,
I discovered that my 2016 tax return needs to be amended. Ameriprise, the financial brokerage firm I use, issued the Year End Tax Package with an error in it: Mistakenly states a mutual fund that was sold with zero cost basis, resulting all the sold value to be gain, when it should have been a loss.
It would have been a smaller problem if Ameriprise re-issue the Year End Tax Package with the correct cost basis. I was told by my financial adviser it is not possible.
I am still looking for a better answer on that end.
Meanwhile, my question is: if Ameriprise doesn't re-issue the Year End Tax Package for me to amend the tax return. What are my choices?
Can I use annual statements to amend tax returns?

Many thanks

KarenM90 · ‎January 20, 2020

Yes! You can use your annual statements as well as any other supporting documentation you have to support your cost basis in the mutual fund, including bank records, monthly statements, trade confirmations, etc.

You will need to file your amended return on paper. Be sure to include in your explanation that the broker statement you received was in error and detail the documentation you are including to support your amendment.

If you used Turbo Tax to prepare your 2016 tax return, here is a great link to walk you through the steps:

Amending by 2016 Tax Return in Turbo Tax

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Tax amendment due to mistakes in Year End Tax Package from Ameriprise

After you file