I’m trying to file an amended return. This is my 1st yr having purchased stock. I filed my return, not thinking about anything tax wise about the stock. I received a Form 1099-B for a trade/purc

Forum|Forum|7 years ago
June 8, 2019
12 replies
74 views

of stock. I can’t figure out where I put it.

TurboTax Premier Online

Best answer by TomYoung

If you received a 1099-B, that's reporting the sale of a security. That sale, with the resulting profit or loss, does need to be entered in your income tax return.

You enter that sale using the "Stocks, Mutual Funds, Bonds, Other" interview. That interview is in the "Investment Income" section on the "Your 2018 Income Summary" page of the program.

Tom Young

dbsdystoniagirlAuthor

Level 2

I’ve figured out where it goes correctly on my tax form. Now my only issue is fixing it in TurboTax! Is there anyway I can go back to the return before I amended in TurboTax?

TomYoung

Alumni - Champ

I'm not sure what you're asking here.

I've never used the online produce, (and never will if I can help it), but I'll describe what happens in the desktop world and assume something similar occurs in the online realm.

Until you actually file your income tax return, either e-file it or print it for mailing, you can go back to any interview in TurboTax and make changes - additions, deletions, corrections, etc.  Once you're happy with the sate of your income tax return, you file it.

If you have filed your income tax return then, when you start TurboTax, instead of simply clicking on you tax file you click on the "Amend a filed return"  button.  That brings up an "amend" interview where the program "knows" it's going to generate a Form 1040X.  The interview asks some questions about what needs to be changed - I think it just hits a few items where amending is common - but after that you are free to go anywhere in the original TurboTax interview covering any subject and make your changes = additions, deletions, etc.  When you signal to TurboTax that you're done TurboTax prepares a Form 1040X, along with every other Form and Schedule that went into your original "as filed" income tax return.  You send in the Form 1040X along with any Forms or Schedules that have changed.from your original filing.

dbsdystoniagirlAuthor

Level 2

I guess if someone could tell me how to get back to my original return, the one I filed to IRS. When I finalized the amended return it’s like it over wrote my other return!

I hate when I mess stuff up like this! I’m very great full for your kindness & paticence!!

??

VolvoGirl

Level 15

That is what is suppose to happen when you amend.  It overwrites the original return.  Why do you need to go back to the original return?  Did you save a copy before starting the amended return?

You will still get the first refund or need to pay the original tax due.  Then the amended return is only for the difference you get back or owe.  In fact you should not even amend until the first return has fully processed and you get the first refund or your tax due payment has cleared.  And make sure the original refund or tax paid shows up on the amended return.  You can confirm this by printing your amendment and looking at the 1040X. Line 18 should be your original refund amount and line 22 should be your additional refund.  If you paid on your original return it will be on line 16.  If there is an amount owed with the amendment, it will be on line 20.

Amended returns can only be mailed.  I don't see that anyone posted the amend instructions.  How to amend an Online return   <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/7276596">https://ttlc.intuit.com/replies/7276596</a>

VolvoGirl

Level 15

If you want to go back to the original return you have to delete the amended return, then manually take out the changes to put your return back to the way it was originally.

How to delete an amended return <a rel="nofollow" target="_blank" href="https://ttlc.intuit.com/replies/4170678">https://ttlc.intuit.com/replies/4170678</a>

TomYoung

Alumni - Champ

Right here is one of the reasons that I vastly prefer the desktop versions of TurboTax over the online versions. With a desktop version you can create hundreds of different income tax returns; the only limit is how much disk space you have. Accordingly, when you begin the amend process using a desktop version the first thing TurboTax asks you to do when it opens up your "as filed" income tax return is to SAVE the new amended return using a different file name. If you follow TurboTax's suggestion you end up with both your original "as filed" income tax return AND the amended income tax return sitting on your hard drive.

It does happen from time to time that that you end up having to amend an income tax return more that once. With a desktop version of TurboTax you can have ALL the income tax returns - original and multiple amends - available to you. In the online versions of TurboTax you can only have one file and that one file will only be the latest version of your income tax return.

TomYoung

Answer

Alumni - Champ

If you received a 1099-B, that's reporting the sale of a security. That sale, with the resulting profit or loss, does need to be entered in your income tax return.

You enter that sale using the "Stocks, Mutual Funds, Bonds, Other" interview. That interview is in the "Investment Income" section on the "Your 2018 Income Summary" page of the program.

Tom Young

dbsdystoniagirlAuthor

Level 2

We did a sale of stock to purchase additional shares. We didn’t physically receive any funds. Is that the sort of item I need to put on my refund? Thanks for your help!

Shelley