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After you file
It is likely that the broker won't want to correct the form. In that case, you could leave it off of the tax return, as you aren't required to report income that you didn't receive. The tax on it is so small the IRS may not take issue with it. Also, you could enter it and pay the minimal tax of less that $5 most likely. You could also report the income then enter a nagative entry for the same amount to income by following these steps in TurboTax:
- Choose the Federal option on your left menu bar
- Choose Wages & Income
- Find Less Common Income in the list of income sources
- Use the Show More option to expand the choices and choose Miscellaneous Income, 1099-A, 1099-C
- Choose the Other Reportable Income option and find Other Taxable Income in that section
- Enter a description for your entry and the amount as a negative number
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‎February 5, 2023
7:07 AM
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