If you downloaded your Form 1099-B before March 1, 2022, you should delete that file from your records and download your revised Form 1099-B from the Uphold app now.
If you already imported the original 1099-B data into your tax return application or other supporting tax workpapers, you will need to update that information to properly reflect the information displayed in the revised 1099-B. Please make sure to follow the instructions specific for the tax return software to re-importing and updating Form 1099-B information.
For instance, if you have already downloaded the Form 8949 from TaxBit, please follow the below steps:
- Log into your TaxBit account
- Navigate to the “Add Transactions” page
- Click “sync transactions” on your Uphold wallet to ensure your TaxBit account has current transaction information
- Navigate to “taxes” to download your Form 8949
As a reminder, TaxBit’s 8949s are available for free to Uphold customers.
In the event you filed your 2021 income tax return with the incorrect amounts, you should update your tax return to reflect the revised 1099-B numbers as the revised amounts will be reported to the IRS.
The filing of another tax return prior to the April 18, 2022 filing deadline will be a superseded tax return and not an amended filing.