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DIY Products

Whether you’re an experienced do-it-yourselfer or doing your own taxes for the first time, this is your place to learn and share. Here you’ll find information and resources for using H&R Block’s online and software DIY solutions. You’ll also find links to more information to assist you on your DIY journey.

Posts: 2
Registered: ‎04-09-2017

1099B Basis Error

In my 1099B form I had three long term transactions, and all were reported to the IRS for the basis. Somehow while I was filling it out on the software, I checked the boxes that the basis was reported to the IRS, but for one of them I didn't. I already have submitted my federal return. Do I need to amend my tax form? Where to I start?

Associate (Pioneer)
Posts: 42
Registered: ‎02-26-2018

Re: 1099B Basis Error

Hi vanbell,


So long as your basis, proceeds, acquisition date, and sale date are correct, this shouldn’t be too serious of an issue and you can choose whether or not you want to amend your return. By not checking that box for one of your sales, you probably ended up creating an additional Form 8949 for the IRS to process. As you can see on the link below, the pages on form 8949 (P. 1 for short term, P. 2 for long term) only report one transaction type per copy. These transaction types are then reported to different lines on your Schedule D. However, while you now have multiple copies of Form 8949 and one 1099-B is not reported on the correct line, you are still getting the correct tax treatment. This is because although the lines are parsed out on 8949 and Schedule D, they are all summed up as net short-term/long-term gains or losses on lines 7 and/or 15 of Schedule D and taxed from there.


The IRS may send you a letter at some point in the future asking about this, and you would have to respond saying you made a mistake and then file a corrected 8949 and Schedule D with them at that point. If you would prefer to pre-empt that move, you can go ahead and file your amendment when you are ready. Since you will not owe an additional amount for penalties/interest since you already paid the correct amount, you can choose whenever is convenient for you to do so.




Tax Research Specialist