Tax filing FAQ

Tax documents are mailed at various times from January through May based on Internal Revenue Service (IRS) requirements, the types of accounts you have invested in, and the investments you own. The most common mailing dates are listed below. Review the tax statements mailing dates schedule.

• Jan. 31, 2024 - Tax documents for annuities, life insurance policies, IRAs and other retirement accounts, 529 Plans, and Coverdell Educations Savings Accounts (CESA).
• Jan. 31, 2024 – Tax documents for nonqualified⁶ mutual fund and brokerage accounts for clients and qualifying household members who have indicated their occupation includes them under the Farmer / Fisherman / Rancher IRS estimated tax provision.
• Feb. 15, 2024 - Tax documents for Ameriprise brokerage accounts, Ameriprise^® advisory (managed) Accounts and nonqualified Ameriprise^® certificates accounts.

Your household may receive more than one year-end tax package from Ameriprise Financial if:

• You own various types of investments/accounts that have different IRS mailing deadlines.
  • See the previous question and tax document mailing dates for more information.
• There is more than one taxpayer in your household.
  • Each account has one designated taxpayer and one associated taxpayer identification number (TIN), including accounts that are owned jointly, by a trust, by a corporation, etc.
  • The IRS requires that we send tax documents to each taxpayer separately.
  • If you need to verify who the taxpayer (name and TIN) is on an account, contact your Ameriprise financial advisor or a client service representative at 800.862.7919.

• Your accounts with reportable activity in 2023 have different mailing addresses or different financial advisors assigned.
• You own a Custodial IRA plan which has investments in mutual funds, Ameriprise^® certificates accounts, Ameriprise^® brokerage accounts and/or Ameriprise^® advisory (managed) accounts. Note that Custodial IRA plans receive an aggregate tax document for all the accounts in the plan. If you own more than one Custodial IRA plan, each plan will receive its own tax document(s).

For more information, see questions:
When will my tax document be mailed?
Will I receive more than one year-end tax document package?
Why don’t I see tax documents for all of my IRA accounts?

Copies of many of your tax documents are available on the secure site on ameriprise.com. However, some RiverSource^® annuity tax documents are only available on riversource.com.

To view your tax documents online you must be:

• At least 18 years old
• Registered for the secure site on ameriprise.com
• The taxpayer on the account
  • In some cases, only the person listed as the taxpayer on an account, whose Social Security number (or other taxpayer identification number) is on the tax document, will have access to the online tax document. While a joint account owner who is not the first-named taxpayer on the account will have access to the online tax statement for non-qualified brokerage accounts, this is not the case for other types of accounts.

With the secure site on ameriprise.com, you can choose to access your tax documents online only, rather than in the mail. When they become available for you to retrieve online, we’ll send you an email. See the E-delivery guide for instructions.

For more information see Online tax information FAQ. 

You can get a copy of your tax document(s) online. See the previous question for more information.

Please allow 10 calendar days following the tax document mailing deadline for your documents to arrive by mail prior to contacting your advisor or the Service Center for a duplicate document. See contact information below. 

Any owner or any person who is authorized to transact business for the account can request to have duplicate tax documents mailed to the address of record. For minors, the account custodian must make the request.

Note: Duplicates will be mailed to your address of record. Tax documents can’t be sent by fax or email.

Only the last four digits of a Taxpayer Identification Number (TIN), which may be a Social Security Number (SSN), Individual Taxpayer Identification (ITIN), Adoption Taxpayer Identification Number (ATIN), or Employer Identification Number (EIN), will be shown on tax documents for security purposes. The preceding numbers will be replaced with X.

For example, SSN 123-45-6789 will be shown on the tax document as the Recipient’s ID No. XXX-XX-6789. Truncating the TIN may assist in protecting you from identity theft. Although the number will be truncated on your tax document, we will still report the full TIN to the IRS as required.

The financial statement and the tax document each have a different purpose, so you may notice different information and levels of detail if you are comparing them. The Ameriprise annual financial statement reflects your account at a point in time, which is the last business day of the year. Alternatively, Ameriprise tax documents provide information across the span of a tax year that is taken into consideration when preparing tax returns. 

• When an investment has an income reclassification, the tax designation of income may change after year-end. This occurs more commonly with mutual funds, unit investment trusts (UITs) and real estate investment trusts (REITs) 
  • The financial statement will capture the information available at year-end
  • The tax document will be updated and mailed when the investment issuers notify us of changes
• When a mutual fund declares a dividend in the fourth quarter of the year and pays the following January (and makes the appropriate tax election) 
  • The financial statement captures the information available at year-end
  • The tax document will report these dividends for the year they are declared and report any updates after year-end
• When there is a sale transaction
  • The financial statement will display the activity by settlement date
  • The tax document will list the activity and report to you and the IRS by trade date, per tax law requirements
• When there is cost basis⁵ information to report
  • The financial statement may not reflect all the adjustments needed for tax reporting purposes
  • The tax document will report cost basis and holding period information for covered⁶ investments on the statement and to the IRS per mandatory cost basis reporting regulations. 
  • The cost basis for noncovered6 investments may be provided on the tax document, if available, but will not be reported to the IRS. See Cost basis reporting FAQ for more information on covered investments.
  • Gain/loss information is provided to the taxpayer as a service and is not reported to the IRS.
     

For more information about the financial statement, go to Ameriprise financial statements FAQ.

A 3.8% Net Investment Income Tax under Internal Revenue Code section 1411 is imposed on certain unearned income of high-income individuals, estates and certain trusts.

• This tax is separate and independent from regular federal income tax or Alternative Minimum Tax.
• For example, nonqualified annuity distributions from both deferred and annuitized contracts are potentially subject to the 3.8% tax, depending on Modified Adjusted Gross Income and investment income.
• This tax applies only to taxpayers who exceed certain income thresholds. For more information, see Calculating and reporting 3.8% Net Investment Income Tax and visit Questions and Answers on the Net Investment Income Tax on the IRS website.

Form 1099-R is issued for reportable distributions such as distributions of taxable earnings and 1035 exchanges. However, a Form 1099-R would not be issued if a distribution from a nonqualified annuity or an insurance policy was entirely return-of-premium/investment with no taxable earnings and considered non-reportable.

The IRS requires us to report a 1035 exchange (to indicate the transfer of nonqualified annuity or insurance accounts between companies) even when it is not taxable. Your Form 1099-R reports:

• Box 2a, Taxable amount: $0.00
• Box 5, Employee contributions/Designated Roth contributions or insurance premiums (includes "insurance premiums", which is the investment in the contract information provided to the receiving company)
• Box 7, Distribution code(s): distribution code 6

Note: If you received any value at the time of the exchange, such as a loan cancellation or a check sent to you, the amount you received is taxable up to the earnings in the account. Any taxable distribution or deemed distribution, like this, is reported on a separate Form 1099-R.

Other types of 1035 exchanges include: life insurance exchanged to nonqualified annuity, life insurance exchanged to qualified long-term care insurance policy, nonqualified annuity exchanged to qualified long-term care insurance policy, and qualified long-term-care insurance policy exchanged to another qualified long-term-care insurance policy.

• If any of your accounts earned less than $10 in income for the calendar year, you generally will not receive 1099-DIV, 1099-INT or 1099-OID forms because the IRS does not require tax reporting for these amounts.
• There are exceptions to this rule. We will issue a tax document if there was any amount of backup withholding, early withdrawal penalty, or foreign tax paid on accounts that earned less than $10 in income for the calendar year.
• Even if you don’t receive a tax document form, you generally must report all income on your tax return, including amounts less than $10. The total amount of income earned in the year in your account(s) can be viewed in the Activity Detail section on your last financial statements for the year and on your Ameriprise annual financial statement (available only on ameriprise.com).
• You will receive a Form 1099-MISC for an amount other than zero, however your Form 1099-MISC will not be reported to the IRS unless: line 3 (other income) includes amounts of $600 or more, or lines 2 (royalties) or 8 (substitute payments in lieu of dividends or interest) include amounts of $10 or more, or line 4 (Federal income tax withheld) includes any amount.

IRS Publication 550 (Investment Income and Expenses) defines a wash sale:

A wash sale occurs when you sell or trade stock or securities at a loss and within 30 days before or after the sale you:

• Buy a substantially identical stock or securities
• Acquire substantially identical stock or securities in a fully taxable trade
• Acquire a contract or option to buy substantially identical stock or securities, or
• Acquire substantially identical stock for your individual retirement arrangement (IRA) or Roth IRA⁵

The 61-day wash sale period for any sale at a loss is calculated by taking the day of the sale and adding the 30 days before and the 30 days after the sale.

If a loss is disallowed because of wash sale rules, add the disallowed loss to the cost basis of the new stock or securities (except for IRAs or Roth IRAs). The result becomes your basis in the new stock or securities.

Cost basis regulations for covered⁶ investments require broker-dealers to track wash sales resulting from sale and purchase transactions of identical securities (same CUSIP) within the same account only. In some situations, a firm’s calculations of cost basis and gain/loss will not incorporate every wash sale which may have occurred within an account(s) or across multiple accounts. As a result, you will need to track and adjust certain transactions affected by wash sales to disallow loss and adjust basis to comply with IRS rules.

You must apply the wash sale rules yourself for the following situations:

Sales and purchases occurring between brokerage accounts (accounts ending in 133):

• Sales and purchases of mutual funds occurring between brokerage accounts (accounts ending in 133) where the wash sale results from the sale and purchase of the identical security (same CUSIP or ticker symbol) in different accounts
• Sales and purchases of any securities that are not identical (same CUSIP), but are substantially identical, regardless of whether the sale and purchase occurred in the same account or different accounts
• Sales of securities at a loss which are purchased by your IRA

For more information, consult a qualified tax professional or IRS publication 550 (Investment Income and Expenses), which is available on the IRS website.

• Entities that have not provided Ameriprise with a certified Taxpayer Identification Number (TIN) are treated as foreign entities for Foreign Account Tax Compliance Act (FATCA) purposes.
• Under FACTA, nonqualified⁶ accounts owned by entities such as trusts, corporations, partnerships, estates, etc., (not individual clients) without a certified TIN on file during any part of the year will be subject to FACTA withholding on interest and dividend income during that time (currently 30%).
• You may also receive any applicable Forms 1099-B reporting sale proceeds, cost basis information, and possibly other tax reporting if you had any sales or redemptions.

If you received Form 1042-S and you are not a foreign client, contact your financial advisor or the Ameriprise Service Center, at 800.862.7919 to certify your TIN and avoid future Chapter 4 withholding.  

Tax reporting for limited partnerships held in nonqualified accounts is sent from the limited partnership directly to the partner/investor via the Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc. Since Ameriprise does not receive a copy of the Schedule K-1 from the partnership, we are not able to provide accurate adjusted cost basis or gain/loss information on the tax reporting documents that we send to our clients. Partnerships are currently not subject to cost basis reporting requirements.

Fore more information, see Updated information for your partnership investments.

The reporting in boxes 2e and 2f of the 1099-DIV does not apply to U.S. individuals. It can apply to U.S. grantor trusts or partnerships that may have foreign investors.   Please note, foreign investors who invest directly in a real estate investment trust (REIT) or a regulated investment company (RIC) will generally receive Form 1042-S, Foreign Person's U.S. Source Income Subject to Withholding, and not a Form 1099-DIV. 

Section 897 Dividends: If a REIT or RIC disposes of USRPI (United States real property interest) at a gain, or receives a distribution of such gains from another REIT or RIC, the gain is reported in boxes 2e or 2f of the 1099-DIV. The gain is generally treated as connected to a trade or business within the United States, subject to tax in the United States.
 

If you own Ameriprise certificates, Ameriprise brokerage and/or Ameriprise^® advisory (managed) accounts investments within your IRA or other retirement plan, you have a Custodial IRA plan. Tax reporting for Custodial IRA plans is generated at a plan level instead of by individual account. We will mail you the following tax documents depending on the activity in your plan:

Form 5498

• You will receive one Form 5498, reporting the aggregate Fair Market Value and contributions for all the accounts within one Custodial IRA plan.
  • The account number on Form 5498 is the lowest account number within the plan that had a Dec. 31 Fair Market Value or reportable contributions for 2023
  • If you have multiple plans, you will receive multiple forms, one for each plan
  • See When can I expect to receive Form 5498 below to find out when we mail Form 5498 to you.

Form 1099-R

• You will receive one Form 1099-R, reporting aggregate distribution information for all the accounts in the Custodial IRA plan with the same distribution code⁸ in 2023.
  • You will receive a separate Form 1099-R for each different distribution code⁹ in your plan in 2023
  • You will receive a separate Form 1099-R if some of your distributions had state income tax withheld and other distributions did not
  • You will also receive a separate Form 1099-R for each state if you had state income tax withheld for more than one state
  • The account number on Form 1099-R is the lowest account number in the plan that had a distribution in 2023 for the reported distribution code^8,9

Note: If you own annuity accounts within an IRA or other retirement plan you can expect to receive a separate Form 5498 and/or Form 1099-R for any account with reportable activity in 2023. Each annuity account is a separate individual retirement plan.

• Form 5498 for tax year 2023 is sent to you by Jan. 31, 2024, if you meet any of the following criteria in your IRA plan(s) during 2023:
  • You owned a traditional IRA, including a Rollover IRA or Beneficial (Inherited) IRA, SEP, SIMPLE or ROTH and had a value on Dec. 31, 2023
  • You made 2023 reportable contributions to a traditional IRA, including a Rollover IRA or SEP, SIMPLE, or Roth IRA
  • You recharacterized contributions into a traditional IRA, SEP, SIMPLE or Roth IRA plan or converted a traditional IRA, SEP or SIMPLE to a Roth IRA
  • You rolled money into a traditional IRA, including a Rollover, or SEP, SIMPLE or Roth IRA

Note: Clients reported as deceased in calendar year 2023 receive a Form 5498 with a zero Fair Market Value (FMV).

• Final Form 5498 for tax year 2023 is sent to you by May 31, 2024, if you had any of the following activity in your plan(s) between Jan. 1, 2023 and April 15, 2024⁴:
  • You made Traditional IRA or Roth IRA contributions for 2023
  • You changed contribution designations to or from the 2023 tax year
  • You have updated fair market value (FMV) and required minimum distribution (RMD) amounts and hard-to-value asset information, if applicable¹⁰

See the question above for more information about Form 5498 for Custodial plans.

The IRS has reporting requirements for reporting late rollover contributions into an IRA. The participant must complete a self-certified form to be eligible. For more information see IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

The IRS has reporting requirements for investments that are considered difficult to value. These are generally not actively traded in the marketplace or on an established market and may not have current pricing or values readily available at the time when transactions or tax reporting occur. Investments include:

• Stocks or other ownership interests in a corporation not traded on an established securities market
• Short or long-term debt obligations not traded on an established securities market
• Ownership interest in a limited liability company (LLC), partnership, trust, or other similar entity not traded on an established securities market
• Real estate
• Option contracts or similar products not traded on an established option / commodity exchange
• Other assets that don’t have readily available values

You may receive a Final Form 5498 even though you didn't make contribution changes if you own hard-to-value assets in your Custodial IRA plan because:

• In some cases, we receive updated valuations for Dec. 31 after year-end statements have been mailed. Updated information will be incorporated into the Final Form 5498, which will be mailed by May 31, 2024. This information may be useful for certain taxpayers, for example those taxpayers taking required minimum distributions.

Generally, distributions from your IRA/tax-qualified retirement plan are reported as taxable on Form 1099-R. If you rolled over any amount of the distribution, you should receive Form 5498 reporting that amount as a rollover contribution in the receiving account and will need to report the rollover on your Form 1040 (U.S. Individual Income Tax Return).

Request and complete Ameriprise Form 4216 (Request for Removal of an Excess for a Coverdell ESA, Roth IRA or traditional IRA) or Form 402453 (Request for Removal of an Excess for a SEP or SIMPLE IRA excess). You can request these forms from your financial advisor or by calling our customer service center at 800.862.7919.

The IRS requires that we code SEP or SIMPLE contributions in the calendar year that they are received. An employer may, however, report the contribution for the prior plan year when filing their tax return. For more information on the IRS requirements, please see Instructions for Participant on the back of Form 5498 Line 8 (SEP contributions) or Line 9 (SIMPLE contributions).

A recharacterization allows you to treat a regular contribution made to a Roth IRA or to a traditional IRA as having been made to the other type of IRA. A regular contribution is the annual contribution you’re allowed to make to a traditional or Roth IRA. It does not include a conversion or any other rollover. The ability to conduct an IRA recharacterization varies based on deposit source, intended destination, and timeframe of submission.

You can work with your financial advisor or call our customer service center at 800.862.7919 to submit Ameriprise Form 591 (IRA Internal Recharacterization Request).

For additional information, visit IRA FAQs - Recharacterization of IRA Contributions on the IRS website

For an overview of the tax see What is the 3.8% Net Investment Income Tax and does it apply to me? above.

Distributions from qualified retirement plans and education plans are not subject to the 3.8% tax. There will be no changes to tax reporting on Form 1099-R for distributions from these types of accounts:

• Qualified retirement plans such as 401(k), 403(b), Keoghs, pensions, and profit sharing plans
• Traditional, SEP, SIMPLE, Inherited or Roth IRAs
• 529 Plans
• Coverdell ESAs

For additional information, visit Questions and Answers on the Net Investment Income Tax on the IRS website.

If you hold a limited partnership in your IRA, as the custodian of your IRA, Ameriprise Trust Company (“ATC”) is required by the IRS each year to:

• Determine if the limited partnership(s) in your IRA earned UBTI as reported from the K-1 issued by the partnership
• File IRS Form 990-T, Exempt Organization Business Income Tax Return, to report UBTI of $1,000 or more
• Pay the applicable tax from assets in the IRA, which is taxed at the “Tax Rate Schedule for Trusts” available on irs.gov in the IRS instructions for Form 990-T

Most updated tax documents will be issued at the end of February. However, clients holding Unit Investment Trusts (UITs) or Real Estate Mortgage Investment Conduits (REMICs) generally receive updated documents in mid-March when the information for those investments becomes available. Updated documents for some February corrections may be issued in mid-March for accounts at risk of multiple revisions. Any revisions received after the beginning of March will result in subsequent corrections.

A common reason for an updated Form 1099-DIV is an income reclassification where an issuer changes the tax classification of distributions for an investment you own after your tax documents have been issued. For example, a qualified dividend changing to an ordinary dividend would be considered income reclassification.

Issuers of Real Estate Investment Trusts (REITs) as well as Unit Investment Trusts (UITs), Exchange Traded Funds (ETFs) and mutual funds investing in REITs are most likely to change the tax classification of distributions after the original tax documents have been issued. If you own these types of investments, you are more likely to receive updated tax documents resulting from income reclassifications. Most reclassifications occur in February and March, although updates can occur at any time during the year.

If you own an investment likely to reclassify, speak to your tax advisor about the best time for you to file your tax returns. Waiting to file your tax returns until late March or early April may help reduce the possibility of filing amended tax returns.

For more information, see Updated tax documents and income reclassifications.

"Covered" investments: 

• “Covered” is a term used to identify investments that are subject to required tracking and reporting of cost basis and holding period information by brokers and issuers under guidance of the Tax Law and IRS regulations.
• We are required to provide you and the IRS with information related to the proceeds received on the sale of all securities. However, we are only required to provide cost basis and holding period information to you and the IRS on sales and dispositions of covered securities.
• When cost basis is updated on our systems for covered tax lots, due to an income reclassification that changes your cost basis in the covered tax lot (generally because the security’s issuer reclassified the income as a return of capital), and you sold investments affected by that cost basis adjustment, an amended Form 1099-B (Proceeds From Broker and Barter Exchange Transactions) will be sent to you and updates will be reported to the IRS.
• For information about covered and noncovered investments and cost basis reporting regulations, see Cost basis reporting FAQ.

"Noncovered" investments:

• We are not required to report cost basis and holding period information to you or the IRS for “noncovered” investments or tax lots.
• When cost basis is updated on our system for “noncovered” investments or tax lots, an amended Form 1099-B will generally not be sent to you.
• When an income reallocation causes cost basis to be updated for noncovered investments or tax lots, we will send you the revised information on an updated Form 1099-B even though we are not required to report the information to the IRS. We will send an amended Form 1099-DIV to you and the IRS.
• You should report appropriate cost basis from your records on your tax return.
• For information about covered and noncovered investments and cost basis reporting regulations, see Cost basis reporting FAQ.

If you have already filed your 2023 tax return, you may need to amend your return(s) using updated information on your updated tax document(s).

Consult with a qualified tax professional to determine how the changes on your tax document may affect your 2023 tax returns. You may want to delay filing your tax returns until late March or early April to avoid re-filing if you own a security that is likely to reclassify.

Ameriprise applies De Minimis Safe Harbor rules that allow brokers not to send amended tax documents for changes of $100 or less ($25 or less for tax withholding changes) to clients and the IRS¹¹. Congress passed these rules so that taxpayers and the IRS would not have to contend with tax reporting changes for small dollar amounts, especially after most tax returns have already been filed. Applying these rules eliminates smaller tax reporting updates that may not have substantially changed your tax liability. It also reduces the instances that may cause you to refile your tax return if you have already filed. These rules apply to tax statements for years 2016 and after.

• Financial institutions don’t have to produce updated tax reporting to you and the IRS for changes of $100 or less ($25 or less for tax withholding changes).
• You do not need to take any action. Ameriprise applies the De Minimis Safe Harbor rules to nonqualified Ameriprise^® brokerage accounts and to Ameriprise^® advisory (managed) accounts investments, unless you elect to opt-out and receive all amendments.
• You can:  
  • Make an election to continue receiving tax document corrections regardless of the amount of the change.
  • Decide at any time to revoke the election and no longer receive the corrections of $100 or less ($25 or less for tax withholding) if you properly notify us.
  • Choose to get a corrected tax document under the dollar limits for a specific tax form or a specific year, without making the election applicable to all potential corrections.

To learn how to make or revoke this election see questions How can I make sure that I receive corrected tax documents for my Ameriprise brokerage account or Managed Account investment regardless of the dollar amount of the change? and What if I elect to receive all amendments and later decide that I don’t want to get tax updates of $100 or less? below.

We will apply the rules only to tax documents for nonqualified Ameriprise^® brokerage accounts, Ameriprise^® certificates accounts, and Ameriprise^® advisory (managed) accounts. The following tax documents may be impacted:

• 1099-B, Proceeds from Broker and Barter Exchange Transactions
• 1099-DIV, Dividends and Distributions
• 1099-INT, Interest Income
• 1099-MISC, Miscellaneous Information
• 1099-OID, Original Issue Discount

We generally send updates for any dollar amount for all other accounts, including IRAs and other retirement plans, education savings accounts, RiverSource annuities and insurance policies. We may start to apply the rules to these accounts in the future.

We will send updated tax reporting to you and the IRS in the following situations:

• For initial updates for Unit Investment Trusts (UITs) and Real Estate Investment Mortgage Conduits (REIMCs) that are issued in March. 
• If the update is due to an intentional error, missing information on an original statement or failure to provide a tax statement.
• If you didn’t receive an original tax document because your income was less than $10¹², but the updated information results in income greater than $10.
• For corrections to 2023 tax reporting for Ameriprise^® certificates, RiverSource annuities and life insurance policies, IRAs and other retirement plans or education savings plans.
• If you elect to opt-out and receive updated tax reporting.

You can choose to receive corrected tax documents for any dollar amount by electing to opt out of the De Minims Safe Harbor rules. You may also subsequently decide to revoke your election at any time.

Election requests must be submitted on the De Minimis Safe Harbor Rule Client Opt-Out Election Form 113542 by each client whose taxpayer identification number (TIN) is listed on the relevant Ameriprise brokerage account or Ameriprise^® advisory (managed) account. Keep in mind the following:

• If you do not specify which account numbers and tax documents should have the opt out election applied, we will apply the election to all accounts and tax documents.
• If you do not specify the calendar year(s) the election applies to, we will apply the election to the current calendar year and all tax years going forward. Elections may apply retroactively, but not for any tax year prior to 2016. 

To get a copy of the form you can contact:

• Your financial advisor¹³
• Client Service Center at 800.862.7919 and ask for Brokerage Service

Return your completed Form 113542 to your financial advisor or mail it to the address on the form.

If you’ve elected to opt out of the De Minimis Safe Harbor rules, you may revoke your election at any time. Once you revoke the election you’ll stop getting subsequent tax statement updates for changes of $100 or less ($25 or less for tax withholding).

The request to revoke your election can be made using De Minimis Safe Harbor Rule Client Opt Out Election Form 113542. See the previous question for more information.

No, you can either elect to receive all tax document corrections or keep the default of not receiving any tax corrections unless they are for a change of more than $100 (more than $25 for tax withholding changes).

Any changes that are reported to you on a form will also be reported to the IRS. You will need to consult with a qualified tax professional to determine if the updated tax information affects your specific tax situation.