2023 1040x corrected

[PATAX]

I have to file 2023 corrected 1040x for a client that just received a new brokerage statement that they were not aware of. I efiled the original return a couple of weeks ago and it was accepted. Can I E-file the 1040x? How long do you think I should wait? Thanks

[sjrcpa · Accepted solution]

Yes you can efile it. Don't know about PA.

That's an after April 15 project in my book.

How much changed? Sometimes I'll tell the client I'll have to charge you more than it's worth to amend the return. If they send you a bill for $xx, pay it. Or if it would be a small refund, tough cookies.

EDIT: I read too fast. Now I see you said it is a new account, not a corrected 1099. 

[BobKamman]

@sjrcpa What difference does it make, between a corrected 1099 and a new one?  Either way, could be zero or little change in tax owed.  

I'm finding some clients don't remember that they started the year with Ameritrade and ended it with Schwab.  

Cardinal rule:  Don't amend until you receive the refund from the original return. 

[PATAX]

Thanks Sue. There is about $2,000 in dividends and about $2,000 in capital gain net gain income, box a and box d. I don't think it's going to change her federal tax as her taxable income was Zero after her standard deduction. But it will increase her Pennsylvania tax.

[PATAX]

Thanks Bob. She had no refund and no payment due on the original return. But I think I'm going to wait a little while anyways.

[Just-Lisa-Now-]

Id plug the info in and see how much difference were talking about then decide when/if it needs to be done. 

[PATAX]

Thanks Lisa. That's what I think I'm going to do