Hello!
I've already filed my 2021 federal and the GA state returns, paid the federal and received a state refund. I discovered that a stock that I owned that the company has filed for bankruptcy and Fidelity advised that I lost all the money, total $2,324. Fidelity gave me a 1099-misc but I missed filing it on my 2021 tax return, why do I amend the federal and GA state returns to see if that deduction will help me?
Thanks
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You can claim a capital loss if a business you invested in files for bankruptcy and your stock is now worthless.
See How do I deduct worthless stock?
Creditors are often able to recover some amounts through the bankruptcy process so if you write off your entire investment, you may have to add back income in the future if you are paid anything back.
Filing an amended federal and state return will probably get you an additional refund. You can start the amend process in TurboTax to see the results. If you aren’t getting any money back, you can cancel your amendment.
Sorry to hear about the stock becoming worthless. You can log into TurboTax and look for Amend my Return. Once you add the information from the tax form that you received from Fidelity you can see the impact to your Federal and State tax return. The tax loss should get you a refund on the amended return.
Wishing you the best!
AnthonyC_CPA
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