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1099 form corrections received after filing US taxes

Out of the blue I was sent corrected 1099 documents this month
I already filed based on the original 1099 and now I see miniscule difference in amounts. The amount has decreased (net amount & wash sale disallowed amount)
Do I have to refile my US taxes for this purpose?

I am US non resident.

 

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3 Replies
DavidD66
Expert Alumni

1099 form corrections received after filing US taxes

Instead of filing an amended return, I would wait and see if the IRS sends you a letter of proposed changes to your return, based on the corrected 1099.

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1099 form corrections received after filing US taxes

This is my first time receiving 1099 usually is it better to wait until atleast march end to see if any such 1099 is being received 2nd time?

I had no idea I would get 1099 corrected unless I requested.

Can you also tell if any wash sale disallowed amount eg $2000 - I pay tax on in this year - is there a way for me to claim/write off that in next tax year.

DavidD66
Expert Alumni

1099 form corrections received after filing US taxes

Yes, it's a good idea to wait to file your tax returns until at least March if you have investments that pay dividends, distribute capital gains, etc.  

 

The only way you can realize the Wash Sale losses on your tax return is to sell the underlying securities you repurchased that were subject to the Wash Sale rules.

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