I'm filing for my newlywed kids who only earned $13K last year. Taxes already filed and accepted already via TT Premier Desktop 2022.
My son in law forgot to give me a 1099 showing $7K in trading losses.
I entered the 1099 fine, no change in their refund amount, but there is no option anywhere to do an amended return!!
I think this is a bug, please advise asap.
Did you enter the 1099 before starting the amended return? That is wrong. Take it out and make sure the return is back to the original return. Then you do the amend.
If you don't see a button for Need to Amend a Filed Return? on your home screen then you can get to it here. Go to:
Federal Taxes -or- Personal (for H&B)
Other Tax Situations
last section, Other Tax Forms
Amend A Return - Click the Start or Update button
Also you first need to check the filing status inside the program so it knows it was filed and accepted. Open your return and go up to the top black menu bar first item
File > Electronic Filing > Check Electronic Filing Status
Then save your return and close it. Close the program and reopen it.
Did you enter the 1099 before starting the amended return? That is wrong. Take it out and make sure the return is back to the original return. Then you do the amend.
If you don't see a button for Need to Amend a Filed Return? on your home screen then you can get to it here. Go to:
Federal Taxes -or- Personal (for H&B)
Other Tax Situations
last section, Other Tax Forms
Amend A Return - Click the Start or Update button
Also you first need to check the filing status inside the program so it knows it was filed and accepted. Open your return and go up to the top black menu bar first item
File > Electronic Filing > Check Electronic Filing Status
Then save your return and close it. Close the program and reopen it.
Dear @VolvoGirl you are 100% right - thank you so much! I got it to work.
Oh and even if the amended return shows no change you should still file it. The IRS might see the whole 1099B as profit and not know you had a loss.
And If you have a net loss for the year you can only deduct 3,000 (1,500 MFS) max on your tax return. The rest you have to carryover to next year. You have to report the carryover every year until it's used up. You can't skip a year.
But If you have a negative AGI or negative taxable income it will show up on 1040 BUT it won't reduce the carryover to the next year.