Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
mablair2
New Member

I forgot to file one of the 1099-B I received

However, I would get additional money back if I file an amendment, so I need to file the amendment?
1 Best answer

Accepted Solutions
jerry2000
Alumni

I forgot to file one of the 1099-B I received

Yes, you do, for two reasons. The first reason is that you will get more money back. The second reason is that the IRS gets a copy of your 1099-B, and if you don't report it on your tax return, the IRS will assume that the entire gross proceeds are profit and they will send you a bill for additional tax, plus penalties and interest for failure to report and failure to pay. You can avoid that unpleasantness by amending your return and reporting the 1099-B.

View solution in original post

2 Replies
jerry2000
Alumni

I forgot to file one of the 1099-B I received

Yes, you do, for two reasons. The first reason is that you will get more money back. The second reason is that the IRS gets a copy of your 1099-B, and if you don't report it on your tax return, the IRS will assume that the entire gross proceeds are profit and they will send you a bill for additional tax, plus penalties and interest for failure to report and failure to pay. You can avoid that unpleasantness by amending your return and reporting the 1099-B.

View solution in original post

BethanyJ
New Member

I forgot to file one of the 1099-B I received

Yes you will need to file an amendment.

Dynamic AdsDynamic Ads
Privacy Settings
v