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Just received updated 1099B for 2020 and it affects the loss carry over for 2021 return. Can I correct them at the same time?
So, I just received an updated 1099B and 1099DIV for the 2020 return. It reduces my loss, but also reduces the taxable dividend (recharacterized as return of capital) and I am due about $200 back for 2020. However, this will affect 2021 return (I will probably need to pay some money) due to the different loss carry over ($200-300 difference, so a small effect on the taxable amount).
Do I need to correct 2020, file, wait for it to be accepted and the file the corrected for 2021? or can I file them at the same time? I assume that I will have to write them a check for 2021, and I will be due a refund on 2020 once they process it.
Also, I used TurboTax Desktop for both returns. Is it possible to do the correction electronically?
‎June 21, 2022
3:37 PM