Corrected 1099-B

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Y.A.Tittle
Posts: 76
Joined: Tue Oct 03, 2017 1:39 pm

Corrected 1099-B

Post by Y.A.Tittle » Mon Apr 02, 2018 10:15 pm

Just got a corrected1099-B from Vanguard for 2017 that restated, upwards, the short and long term gains on one stock I transacted in 2017.

My return was filed and my refund processed about weeks ago.

This change will increase my 2017 income taxes about $100. Should file an amended return now, or wait until the IRS sees the change and asks questions?

trueblueky
Posts: 1376
Joined: Tue May 27, 2014 3:50 pm

Re: Corrected 1099-B

Post by trueblueky » Mon Apr 02, 2018 10:22 pm

Y.A.Tittle wrote:
Mon Apr 02, 2018 10:15 pm
Just got a corrected1099-B from Vanguard for 2017 that restated, upwards, the short and long term gains on one stock I transacted in 2017.

My return was filed and my refund processed about weeks ago.

This change will increase my 2017 income taxes about $100. Should file an amended return now, or wait until the IRS sees the change and asks questions?
Prepare it now. Schedule X is not hard. Since the original has been processed, send it in when you get ready, as long as that's April 17 or earlier.

Next year, you may want to wait a bit. Revised broker statements are common.

livesoft
Posts: 62838
Joined: Thu Mar 01, 2007 8:00 pm

Re: Corrected 1099-B

Post by livesoft » Mon Apr 02, 2018 10:24 pm

Does the corrected 1099-B match your personal records for this stock transaction?
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tomd37
Posts: 2877
Joined: Thu Mar 01, 2007 10:39 pm
Location: Middle Tennessee

Re: Corrected 1099-B

Post by tomd37 » Mon Apr 02, 2018 10:28 pm

We are talking about an amended return (Form 1040-X) and a new Schedule D attached to it.
Tom D.

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