In the world of trading and taxes, it's not uncommon to receive a corrected 1099. What can cause a correct? Well, there are many reasons such as a revised acquired and disposal date, revised dollar amounts to any field or an addition/omission of a transaction. When a correction is issued, the IRS will also receive the updated 1099 information.


In most occasions, if there was a change to an acquired or disposal date, then it should not change your overall profit or loss for short-term or long-term gains unless a transaction was reclassified from short to long-term. 


You can quickly spot if there were any significant changes to your 1099 by looking at the Form 1099-B Totals Summary page. If there was a change in your gain or loss, then you may consider amending your taxes with IRS Form 1040X. To learn more about amending your taxes, please visit the IRS information site by clicking here.


If you already filed your taxes using tax preparation software then please refer to the corresponding link below to learn how to amend your taxes:

TurboTax

H&R Block Tax Software

TaxAct


A corrected tax form is indicated on document header of your Consolidated 1099, as illustrated below: