I just received a form from a Mutual fund liquidation ( Nuveen Intermediate Duration Municipal Trust) that paid $93 in Qualified dividends and $93 Capital Gains distributions ( $627 ST Gains and $534 LT Losses) that were not on the 2024 1099-B from Schwab.
I sold the Fund in 2023, but the liquidation in January 2024 added additional income. Schwab did provide a "Final Cash Liquidation amount" ( $797) on the 2024 1099B but it is less than the total noted on the monthly statement ($1659)
None of these numbers add up to the amounts shown
Originally I overpaid 2024 taxes by $3982 and applied $3900 to estimates and got a $82 refund.
When I add an additional 1099-B with these amounts from the liquidated mutual fund ( $186 total) , in the amended form, my taxable income from 1040 increases by the appropriate amount ( $186) but the 1040X increases it by $1924. The listed "correct" amount in column C is accurate but the "original" amount for my AGI on the 1040 X is $2000 lower than the AGI on the original 1040.
The final 1040 X has me owing $570 additional tax.
Any ideas of why the AGI numbers are not accurately populated from the original 1040?
Can I go in and override them to the accurate numbers?
Is it even worth it for additional $186 of income?.
@fcp3 wrote:
Any ideas of why the AGI numbers are not accurately populated from the original 1040?
Can I go in and override them to the accurate numbers?
If you are using the desktop TurboTax software you can go to forms mode and enter the correct AGI on Form 1040-X line 1 column A. It's not an override. Just enter the amount.
I don't know why it's not correct. When I did a test of amending a return the original AGI in column A was correct.
@fcp3 wrote:
Is it even worth it for additional $186 of income?.
For that much additional income you do have to file the amended return.