I have a 1099-B showing 0 gain or loss from the deposit certificate. (cost=50000; Proceeds=50000).
I filed my tax without schedule D and 8949.
But Today, I saw my mom's tax return prepared by a CPA. She also has a 1099-B showing 0 gain or loss from the deposit certificate (cost=50000; Proceeds=50000). Her CPA attach a schedule D and write down cost=50000; Proceeds=50000 and also put 0 on gain or loss (Box 2 (h)). CPA also attaches a 8949 form with same cost, Proceeds and gain or lost (0).
I am wondering whether I should amend my tax return and add schedule D and 8949.
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An IRS form 1099-B entry and IRS Schedule 8949 for the gross proceeds of a certificate of deposit which has come due and reports $0 gain, may not be required. However, I have routinely reported such an entry for customers in an attempt to be thorough.
If you elect to report the entry, wait until your 2023 Federal 1040 income tax return has been accepted and approved by the IRS and the refund has been issued.
If you used TurboTax Online, log in to your account and select Amend a return that was filed and accepted.
If you used the CD/download product, sign back into your return and select Amend a filed return.
See also this TurboTax Help.
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