Another income tax question....

Discussion in 'Community Discussion' started by yg17, Feb 7, 2007.

  1. yg17 macrumors G5


    Aug 1, 2004
    St. Louis, MO
    A couple of weeks ago, I e-filed in Turbotax and thought everything was fine....then after that, I got a 1099-B in the mail from some, well, I guess they're stocks (I know NOTHING about this stuff, but it mentions shares on the thing, so I guess its stocks) that my grandparents bought us as a gift. So I had to do an amended return in Turbotax. After entering all the info from this 1099-B, TurboTax said the stocks had a loss of about 130 bucks (it's not the gift, it's the thought that counts :rolleyes:), and I'll be getting a whopping additional $13 back from the IRS (on top of my refund which should be in my bank account any day now). Does this sound right to anyone? It makes sense to me...loss on stocks=lower income=fewer taxes I had to pay. But I know absolutely nothing about this crap at all, and just want to make sure this all sounds right before I mail in my 1040X...the last thing I need is an audit or something. If I could, I'd let the IRS keep their 13 dollars and not even bother with all this sh*t, but they'll probably come after me because I didn't ask them to give me my money back :D

  2. Deepdale macrumors 68000


    May 4, 2005
    New York
    Yes it does. A thirteen dollar refund resulting from an amended return reflecting a capital loss will hardly be a sufficient reason to trigger a tax examination. Send it in after your initial refund has been received and do not dwell on it. Remember to attach a copy of Form 1099-B to Form 1040X.

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