Yes, you will need to amend to see if this corrected 1099 changes your tax refund or tax due.
The first step is wait for your original return to be fully processed. That means waiting until you get your refund, or at least 21 days if you owe taxes.
Once you are ready to do the amendment:
- Sign in to TurboTax.
- On the home screen, scroll down to Your tax returns & documents and select the year you want to amend.
- Select Amend (change) return, then Amend using TurboTax Online.
- Carefully follow the directions to start your amendment.
- Your refund will go to zero, don't worry, that's normal.
- On the screen OK, let's get a kickstart on your amended return, select the reason(s) you're amending and Continue.
- When you reach Here's the info for your amended federal return, select Start next to the info you need to change.
- Continue through the screens, make the changes you need to make, and carefully answer the remaining questions to finish amending your return.
If you file a state return, you can continue into your state after your federal return is complete.
Not all corrected tax forms will change your balance due or refund. If after you enter the corrected 1099, it still says $0 refund, you don't have to file the amended return.
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