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 issues, 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. 


How can I tell if there were any material changes to my 1099?

Check your Form 1099-B Totals Summary Page

You can quickly spot any material changes to your 1099 by looking at the Form 1099-B Totals Summary page, which is typically one of the first few pages of your 1099. 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.


What do I do if I already filed?

Material changes may require an amendment

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:
Please Note: Tax software (OFX file) and tax worksheet (CSV) data will update 48-hours after a correction is issued.


How do I know if my 1099 is Corrected?

Check the Document Header

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