1. Yes, you want to amend and pay the taxes on the 1099-B. Here's why. If you don't, the IRS will catch it in 3-4 years and charge you penalties and interest.
2. There is no charge to do an amended return. It is free after paying for the original tax return. Here is how:
- Save a copy of the original return before doing an amended return. See:
- Pay additional tax. Taxpayers who will owe more tax should file Form 1040-X and pay the tax as soon as possible to avoid penalties and interest. They should consider using IRS Direct Pay to pay any tax directly from a checking or savings account for free.
- Track amended return status online. Taxpayers can track the status of their amended tax return in English and Spanish using Where’s My Amended Return? Amended returns take up to 16 weeks to process and up to three weeks from the date of mailing to show up in the system.
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