Changes to investment statements by the brokerage firms

[sfordstark]

Changes to investment statements by the brokerage firms
The investment statements by the brokerage firms frequently have changed after they are first posted. If the brokerage firms issue changes after the due date of taxes, must I update the tax forms that I have already submitted? And resubmit them?

[HelenC12]

Yes, if it affects your refund or amount due, you have to change your income tax return. If you've already submitted your tax return and it was accepted by the IRS, you'll need to amend.

See Do I need to amend? and How to amend (change or correct) a return you've already filed

[Nan2C]

Look into the deminimus rule. I don't have it in front of me, however I vaguely remember it saying that Brokerages don't have to send amended 1099's unless it results in a difference of more than $100.  LOOK it up!  Don't quote me!

Most Brokerages will have a link on their websites to a page - when tax forms should be expected. 

In our case they say the latest date for an amended return will be 3/31/22.

HA HA!

Here is a good one! I was looking back through the last few years and found an amended 1099 dated SEPTEMBER of 2018 for 2017 tax year.

I have decided to not finalize taxes until April 2 to avoid this.

Previously our Tax professional thought it wasn't worth doing as it didn't benefit us and the fee would have been more than the gain.

Be aware that 5498's for IRA's are not available until May, they are not necessary for filing but are important to keep with your IRA documentation.

[Nan2C]

can't find how to edit my post.

I meant to say tax professional didn't think amending our return was worth it

[Mike9241]

i would say it depends on how your taxes were affected.  for a small refund or balance due it may not be worth amending and for a small amount, the IRS will not bother you.   you see the problem is that you can receive further corrected forms.  1 year I got the final corrected form well past the October extended filing deadline. (actually February of the following year) never bothered to amend and the IRS never bother me.  the changes were relatively small.