Question

"We don't detect any differences between your original 2023 return and your amended return" - Do I still need to amend?

Forum|Forum|1 year ago
March 2, 2025
1 reply
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Hello all,

In the original 2023 return, I forgot to use the ESPP discount income which resulted in double taxation, and different net losses in Sch D Carryforward amounts. So I started to amend my return to use the 'adjusted' cost basis this time so I can get credit for the ~$2,000 I double-taxed myself on.

I am done and ready to print my return, however it is telling me there are no differences. Sch D does look different for sure as well as the Form 8949 (in terms of Cost basis amount).

Do I still put an 'explanation of changes' or should I not amend my return?

S

Snowy_DesertAuthor

I went over this IRS tool and answered the questions and it told me to NOT amend my return. But I asked previously here and I was told by TT employees that I need to amend if Sch D net loss is different between the original and the amended (After putting the adjusted cost basis). I honestly don't care about the $2,000 if I don't have to amend as I carry a large loss of over $40K.

https://www.irs.gov/help/ita/should-i-file-an-amended-return

D

DianeW777

It depends and it's completely your decision. You would definitely add your explanation to your amended return. The reason you may have been told not to amend is because your tax results won't change. The maximum allowed capital loss for any tax year is $3,000. The tool may not account for the fact that your carryover would be larger.

If you don't amend you will lose the $2,000 loss you believe you should have included. The year that it will make a difference would be in a year when you have large capital gains to offset any losses.

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