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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?
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1 Best answer

Accepted Solutions

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.

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2 Replies

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.
BethanyJ
New Member

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

Yes you will need to file an amendment.

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