In the world of trading and taxes, it's not uncommon to receive a corrected 1099. What can cause a correct? There are many reasons, such as a revised acquired and disposal date. A 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. On 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 it reclassifies from short to long-term.
How can I tell if there were any material changes to my 1099?
Check the Tax Summary page
You can quickly spot any material changes to your 1099 by referring to the Tax Summary page in our Consolidated 1099, which is generally one of the first few pages. If there was a change in your gain or loss and you already filed, 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
Tax software data (OFX file) and tax worksheet (CSV) hosted in the Tax Center will update 72-hours after a correction is issued.
How do I know if my 1099 is Corrected?
Check the Document Header
When a correction issues, it is indicated on the document header on page 1 (Tax Reporting Statement) of your Consolidated 1099.