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This Web site contains a compilation of more than a thousand consumer finance  columns written by Tony Novak from the 1980s through 2006, updated and reformatted for maximum usefulness today.  New material was added after 2010.

Content is the opinion of the author and does not represent the position of any other person or entity. Information is from sources believed to be reliable but cannot be guaranteed.

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Amended tax return due to late 1099

originally posted: 11/22/2006  last revision: 8/16/2011

Q: My bank sent a corrected Form 1099 after I already filed my tax return. I may be due a small refund. Do I need to amend my tax return?

A: Unfortunately, this annoyance has become increasingly common in recent years as financial firms struggle with their corporate tax accounting and more Form 1099 filings are received too late after individual tax returns have been filed. If the change in your reported income is small then, no, don’t bother filing an amended return. If a significant refund or tax due then you should make the correction. Keep in mind that filing an amendment resets the amount of time the IRS has to audit your return, so do not act so quickly to amend a return that is a few years old. The IRS published guidelines about this topic that say if the error would be caught by computer matching then an amended return is not required. On the other hand, if you overpaid your taxes there is no assurance that the refund will be automatically processed.

A late-arriving corrected 1099 may require filing an amended tax return.

More resources: 

10 tips on filing an amended tax return (slide show)