I neglected to add a 1099-S to my 2024 tax return. The return was filed via TurboTax, has already been accepted, and I've received a small refund. The 1099-S is for sale of unimproved land, originally bought around 2005. I did NOT make any profit. The IRS website states I don't need to amend my return... "if we: Accept your return without certain forms or schedules or ask you to send them." So apparently IRS accepted my return without the 1099-S, but I'm still unsure of this; maybe they'll ask for it later? Can I file a paper amended return and mail it to IRS? If I file an amended through TurboTax, they're requiring me to upgrade to Premium for $$$. Thank you in advance for any advice.
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A Form 1099-S is not reported on a tax return. The proceeds shown on the 1099-S are entered when you are reporting the type of sale that was made.
Question(s) still stand(s). I'll improve my wording: I failed to add the Gross Proceeds shown on a 1099-S on my 2024 tax return. I did not make any profit (unimproved land), so the bottom line doesn't change. IRS website states I don't need to amend my return... "if we: Accept your return without certain forms or schedules or ask you to send them." IRS accepted my return without the 1099-S, but I'm still unsure; maybe they'll ask for it later? Can I file a paper amended return and mail it to IRS? (If I file an amended through TurboTax, they're requiring an upgrade to Premium for $$$.) My original return was filed via TurboTax, accepted, and refund received.
@TaxedBeyondWords There is no need for you to amend the tax return. You properly reported the sale of the land on the tax return that was filed.
That's the problem --- I did NOT report the sale of land anywhere on my tax return. I need to ADD the gross proceeds from a 1099-S to my return. Hence, my questions in my prior post. Thank you for any help.
OK...So you need to amend the tax return to add the sale and report the proceeds as entered on the Form 1099-S.
Use this procedure to report the sale when you are amending the tax return -
To enter an investment sale other than from a brokerage account (1099-B), follow the steps below.
Click on Federal Taxes (Personal using Home and Business)
Click on Wages and Income (Personal Income using Home and Business)
Click on I'll choose what I work on (if shown)
Under Investment Income
On Stocks, Cryptocurrency, Mutual Funds, Bonds, Other, click the start or update button
Using the online editions -
On the next screen click on Yes
On the next screen, click on Enter a different way
On the next screen, click on Other and continue
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