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Is there a time limit on filing 1099DIV corrections? If so…

Customer Question
Is there a time...

Is there a time limit on filing 1099DIV corrections? If so what is that limit?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We have discovered that for several years some of our 1099DIV reporting for Preferred stock was incorrect and we want to correct this as far back as possible.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not to my knowledge.

Submitted: 3 months ago.Category: Tax
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3/26/2018
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 3 months ago
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Tax
Satisfied Customers: 2,620
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 3 months ago

You may amend a return for as far back as you would like.

___

To claim a refund, you generally must file Form 1040X within three years from the date you filed your original tax return or within two years from the date you paid the tax, whichever is later. Generally processing time for amended returns is 8 to 12 weeks.

___

I have included a link below to IRS.Gov concerning ten common facts about filing an amended return.

https://www.irs.gov/newsroom/ten-facts-on-filing-an-amended-tax-return

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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Customer reply replied 3 months ago
We won't be filing an amended return but rather we will be correcting 1099DIV forms.
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 3 months ago

You would submit the 1040X along with the 1099-Div and an explanation of why you are submitting the 1099 Div

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Customer reply replied 3 months ago
Please read my previous reply that we aren't the taxpayer we are correcting 1099DIV forms that we sent out!!!!
Tax Professional: Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional replied 3 months ago

I will opt out and let someone else assist you

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Tax Professional: Lev, Tax Advisor replied 3 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,125
Experience: Taxes, Immigration, Labor Relations
Verified

Hi and welcome to our site!
First of all - there is NO time limit to correct the mistake.

That is also true for the form 1099div.

If you need to make correction - you may do that - no time limit.

The issue is that based on that correction - both the sender and the recipient - might need to make correction in their tax returns.

That also may be dome without any time limit.

But if these correction will result in additional refund - THAT claim will be subject to the statute of limitation.

But otherwise - I see no issues.

Let me know if that helps.

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