Yes, if your capital gains distribution changed, you should start an amendment to see if these changes affect your refund or tax due.
If the new 1099 information doesn't change your refund or tax due, you don't need to file it. Just keep the 1099 forms with your tax records.
Go ahead and do your amendment to the point after you enter the new 1099. If your refund is $0 at that point, you can just cancel the amendment.
This is how to cancel the amendment:
- Click Continue after you make the changes to your return.
- If you are still at $0 refund, you can cancel or delete the amendment.
- Continue into the last section and watch for the option, I don't need to amend after all.
- Select that option and you are done.
- If you don't see to that option, scroll down to Tax Tools on the bottom of the left side menu.
- Select Tools.
- Click on Delete a form (third on the list at the bottom of the screen).
- Find Form 1040-X on the list of forms.
- Click Delete to the right.
- Confirm your Delete.
- Click Continue with my return.
It is important to make sure that the IRS has time to process your first amendment before you send a second one.
If this change results in a balance due, pay the extra tax before April 18, but don't submit the return for six weeks. You can make your payment online without a form. Click here for more details.
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