Author Topic: Amending state return for LTCG  (Read 721 times)

Penn42

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Amending state return for LTCG
« on: February 21, 2019, 06:48:31 AM »
I efiled my returns and forgot I had sold some stocks at the very beginning of 2018 that were bought for me when I was born.  The sale does not effect my federal return so I wasn't going to amend it to add a schedule D.

My state does not treat LTCG more favorably than standard income, so the money from the sale actually leaves me owing $80.  After a little research it seems my state does not have a specific form for LTCG.  LTCG are instead accounted for when importing my AGI from line 7 of my 1040.

I wasn't going to amend my federal return because it does not affect my federal tax liability and they have already processed it and given me my refund.  However, if I amend my state return with the correct AGI it won't match my filed federal return. 

Do you think I need to amend both, or will the state realize where the difference came from?  Kicking myself I forgot about that sale, what a pain!

reeshau

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Re: Amending state return for LTCG
« Reply #1 on: February 22, 2019, 09:22:39 AM »
If your broker gave you a 1099-B for the sale, then *they* have reported your sale to the Federal government already--so there is already a mismatch in reporting.  Correct both, and get the mismatch corrected before it causes you trouble.