What do I do if I just submitted my tax returns within the past week but forgot my 1099-B. NO CAPITAL GAINS ALL LOSSES

[almst791]

For 2016 I have had some very small investments under $2,000.  All of which resulted in a total realized capital loss of about $700 with no realized capital gains.  I have just started a full time job half way through 2016 so my total income this year was under the 36,000 threshold of capital gains tax.   I filed my tax returns a week ago and forgot to include this capital loss.. I would rather just forget about it and accept not submitting this loss but do not want to get into trouble with the IRS. someone please help.

[Texas Roger · Accepted solution]

You must file an amended return to enter the investment sales. Without the entry, the IRS may just assume that the entire proceeds were gains even though they were losses. There is less risk of that these days with cost basis being reported on the 1099-B but you should still amend your return because it is incomplete without the 1099-B entries.

If your return is rejected by the IRS, you can correct the problem and fix the reason for rejection and re-efile your return. If your return is accepted by the IRS, you must prepare, print, sign and mail an amended tax return form 1040X to correct the problem. 

DO NOT change your original tax return until you start the amended return. If you have already changed it from the way it was originally filed and accepted, you must change it back before you start the amended return. Wait until you receive the refund from your original return before beginning your amended return to make sure you enter the correct amount. An amended return cannot be efiled. Here is an FAQ to help you:                                                                  

https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed