Received corrected 1099-MISC after filing taxes - what should I do now?
I just filed my taxes using TurboTax about a week ago. Today I received a corrected 1099-MISC form from Apex Clearing (they're my robo-advisor that combines all my investment forms like 1099-DIV, 1099-B, etc. into one statement). I used the direct import feature on TurboTax for the original forms. After comparing the original PDF with this corrected version, the difference is literally just a few cents - I think like 27 cents more in dividend income or something ridiculously small. Do I need to go through the hassle of filing an amended tax return for such a tiny amount? I tried checking on TurboTax about filing an amendment, but they said I can't even start that process until the end of March. Is it worth waiting and doing an amendment for such a small difference? Or can I just ignore it since it's such a minimal amount? I'm not trying to cheat the system, but also don't want to waste hours of my life over pennies.
19 comments
Join the conversation
Kayla Jacobson
You generally don't need to file an amended return for such a small difference. The IRS has an unofficial threshold where they don't pursue discrepancies under $50. A difference of just a few cents falls well below that threshold. However, there are a couple things to consider. First, check if the correction affects any other calculations on your return. For example, if those few cents somehow pushed you into a different tax bracket or qualification threshold for a credit (extremely unlikely), then you would need to amend. Second, if you want to be 100% by-the-book, you could wait until TurboTax allows amendments in late March and file one. But honestly, the processing cost to the IRS for such a tiny amendment probably exceeds the actual tax difference.
0 coins
William Rivera
•What about if there's a bigger difference? I just got a corrected 1099-MISC that shows about $450 more in income than what I already filed with last week. Do I definitely need to amend in that case?
0 coins
Kayla Jacobson
•For a difference of $450, yes, you should definitely file an amended return. That amount is significant enough to potentially change your tax liability and could trigger a notice from the IRS if left uncorrected. The IRS receives copies of all 1099 forms, so they'll see the discrepancy between what was reported to them and what you reported on your return. When the difference is just a few cents like the original poster mentioned, it falls below their processing threshold, but $450 is well above that and should be corrected.
0 coins
Grace Lee
After years of tax filing headaches with corrected forms coming late, I discovered taxr.ai and it's been a game changer for this exact situation. Last year I had the same problem with a corrected 1099-MISC showing up weeks after I filed, but the tool at https://taxr.ai helped me analyze the differences and determine whether an amendment was actually necessary. It compares your tax documents and tells you if the differences are material enough to require an amendment.
0 coins
Mia Roberts
•Does it actually work with corrected 1099s? My broker always sends me updated forms, and I never know if I should amend or not.
0 coins
The Boss
•I'm a bit skeptical about these tax tools. How does it actually determine what's "material enough" for an amendment? Isn't that kind of a judgment call? And does it cost money?
0 coins
Grace Lee
•Yes, it specifically helps with corrected tax forms by analyzing the differences between your original and corrected documents. It highlights what changed and calculates the impact on your overall tax situation, so you can make an informed decision. It's not just making a judgment call - it uses actual IRS guidelines to determine materiality. For example, if the difference changes your tax liability by less than $50, it will likely indicate it's not worth amending. But it gives you the complete analysis so you can decide based on your personal comfort level with tax compliance.
0 coins
Mia Roberts
I was in almost the exact same situation as OP with a corrected 1099 from my broker. Checked out taxr.ai after seeing it mentioned here and it saved me so much time! I uploaded both my original and corrected forms, and it showed me the changes were only about $1.22 in dividend income. The tool confirmed it wouldn't change my tax liability at all, so I didn't need to amend. Saved me from unnecessarily filing an amendment and potentially delaying my refund. Will definitely use it again next year when the inevitable corrections come in.
0 coins
Evan Kalinowski
If you're still struggling with this corrected 1099 issue and want to talk directly to the IRS, try Claimyr. I waited on hold with the IRS for HOURS trying to get a straight answer about amended returns, but kept getting disconnected. Then I found https://claimyr.com and watched their demo at https://youtu.be/_kiP6q8DX5c - they basically hold your place in the IRS phone queue and call you when an agent is ready to talk. Saved me like 3 hours of hold time.
0 coins
Victoria Charity
•How does that even work? The IRS phone system is a nightmare but I don't understand how another service can somehow get you through faster?
0 coins
Jasmine Quinn
•Yeah right. Nothing can fix the IRS phone system. I've tried calling them dozens of times about an amended return and NEVER get through. This sounds like a scam to me. No way it actually works.
0 coins
Evan Kalinowski
•It doesn't get you through faster - it just waits on hold for you. Basically, their system calls the IRS and navigates through all those annoying menu prompts, then stays on hold in your place. When they finally reach a human at the IRS, their system calls your phone and connects you directly to the IRS agent. It's not magic - you're still in the same queue as everyone else. The difference is you don't have to personally sit there listening to that terrible hold music for hours. You can go about your day, and your phone rings when an agent is actually available.
0 coins
Jasmine Quinn
I hate to admit when I'm wrong, but I need to update my skeptical comment. After waiting on hold with the IRS for 2+ hours yesterday and getting disconnected AGAIN, I was desperate enough to try Claimyr. It actually worked exactly as described. I got a call back about 90 minutes later connected directly to an IRS agent who confirmed I don't need to amend for a small correction unless it changes my tax liability. The agent was super helpful and I didn't have to waste my entire afternoon on hold. Consider me converted.
0 coins
Oscar Murphy
In my experience as a tax preparer, I almost never recommend filing an amendment for differences under $100 unless it affects tax credits or other calculations. The IRS computers might flag the discrepancy, but they won't pursue it because the cost of processing exceeds any potential revenue. Focus on getting it right next year and don't stress about a few cents.
0 coins
Nora Bennett
•But doesn't the IRS system automatically flag ANY difference between what was reported on 1099s and what's on your return? I've always been paranoid about this.
0 coins
Oscar Murphy
•The IRS systems do automatically match 1099 information reported to them against what's on your tax return, but they have built-in tolerance thresholds. While I can't disclose the exact amounts (the IRS doesn't publish them), discrepancies of a few cents or even a few dollars typically won't trigger further scrutiny. Their computer systems are designed to focus resources on discrepancies that would actually result in meaningful tax collection. Remember that it costs the IRS money to process amendments and conduct reviews, so they're practical about not chasing amounts where the processing cost exceeds potential recovery.
0 coins
Ryan Andre
Has anyone tried just calling Apex Clearing directly? Last year they sent me a corrected 1099 over something stupid, and when I called them, they actually told me the correction was so minor I didn't need to amend. They even emailed me something saying that for my records.
0 coins
Lauren Zeb
•That's actually really smart! I never thought of just asking the company that issued the form. I'm going to try that with mine.
0 coins
Axel Bourke
I went through this exact scenario last year with a corrected 1099-MISC from my brokerage. The difference was about $3.50 in dividend income. I called the IRS directly (after waiting forever on hold) and the agent told me that for such small amounts, they don't recommend filing an amendment unless it affects other parts of your return like tax credits or bracket thresholds. The agent explained that their matching system has tolerance levels built in, and tiny discrepancies like this are essentially ignored because the administrative cost exceeds any potential tax recovery. She said to keep both the original and corrected forms in my records just in case, but not to worry about amending. Fast forward to this year - no issues whatsoever. My refund came through normally and I never heard anything about the small discrepancy. So for your 27 cents difference, I'd say don't stress about it. Just keep good records and move on.
0 coins