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Old 02-28-2015, 11:58 AM   #21
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Am I wrong, but if my tax payments for 2014 are about equal to my tax liability and I file on-time, even if a fraudster filed a fake return ahead of me and got a refund, isn't that the federal or state government's problem? I realize that there will be a certain hassle reporting the fraud and having them accept my true return, but at the end of the day the economic loss is theirs and not mine, right?
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Old 02-28-2015, 12:13 PM   #22
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The economic loss from a fraudulent tax return may end up not being yours, but the hassle will most definitely be yours. That is why I wanted to file early, but I still don't have all my forms. This is not just a Vanguard issue. I am still waiting on a form from another company.

A friend of mine was caught in the fraudulent tax return hassle last year and I want to avoid that if I can.


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Old 02-28-2015, 12:17 PM   #23
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Originally Posted by pb4uski View Post
Am I wrong, but if my tax payments for 2014 are about equal to my tax liability and I file on-time, even if a fraudster filed a fake return ahead of me and got a refund, isn't that the federal or state government's problem? I realize that there will be a certain hassle reporting the fraud and having them accept my true return, but at the end of the day the economic loss is theirs and not mine, right?
Technically, yes. You do realize you are dealing with an organization that can seize your assets unilaterally; and when they do, you are forced to deal with their organization until all internal relief is exhausted? Only then can you go to the federal courts where the judge can have his assets unilaterally seized.....
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Old 02-28-2015, 01:18 PM   #24
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Originally Posted by pb4uski View Post
Am I wrong, but if my tax payments for 2014 are about equal to my tax liability and I file on-time, even if a fraudster filed a fake return ahead of me and got a refund, isn't that the federal or state government's problem? I realize that there will be a certain hassle reporting the fraud and having them accept my true return, but at the end of the day the economic loss is theirs and not mine, right?
Other than the macro sense where you're a taxpayer...so "we" pay ultimately.
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Old 02-28-2015, 04:02 PM   #25
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My 1099b was available to download into TT about 1 hour ago, taxes done. Went over my always hopeful effective tax rate of 1% at 1.04%. Time for a beer.
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Old 02-28-2015, 04:41 PM   #26
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Am I wrong, but if my tax payments for 2014 are about equal to my tax liability and I file on-time, even if a fraudster filed a fake return ahead of me and got a refund, isn't that the federal or state government's problem? I realize that there will be a certain hassle reporting the fraud and having them accept my true return, but at the end of the day the economic loss is theirs and not mine, right?
I believe so. If you are due a refund, it might take you 6 months to get it. If you owe, it doesn't make a difference tax-wise, but someone else now has your tax credentials.
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Old 03-01-2015, 08:03 AM   #27
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Our tax forms from Vanguard were ready in late January. DD's forms (from Vanguard), however, are still not available.
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Old 03-01-2015, 08:57 AM   #28
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I was gonna procrastinate filing until St. Pat's Day. Now I may just procrastinate until April Fools Day just to be safe
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Old 03-01-2015, 09:12 AM   #29
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The 1099 I got today was a consolidated 1099. I had the actual 1099s a few weeks ago. The consolidated doesn't tell you anything new, just a one-shot copy from all your accounts.
Careful. I had printed my 1099 last weekend and used it to do my taxes. Now, after reading this thread, I looked out on Vanguard again and the "consolidated 1099" was posted a few days ago. Problem is, it has a completely different number for dividends. I think I need to add the two together, because there's an asterisk next to the original 1099 saying it includes amounts before my account was "upgraded" to their new brokerage account structure (which I thought meant it was all-inclusive). I think now it means it "only" includes amounts before that date and not after.

To try and verify the full year amount, I clicked on quarterly statement within the tax center and the amount for dividends equals the total of what's shown on the 2 1099's--the regular one + the consolidated statement. Also, the amount on the consolidated statement is less than the other amount, so it can't include it. I will need to call them tomorrow to confirm this, but it looks like I need to file an amended return now.

This is frustrating since, I always do what 2B describes--keep a checklist of all my accounts and funds and don't file until I have everything, which I thought I did, last weekend.
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Old 03-01-2015, 09:36 AM   #30
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For the past few years, I have continually received corrected tax forms in March and even April. Last year I decided to just file an automatic extension and not have to be concerned about re-filing a corrected return. I think I will always be doing this. For me, it takes the pressure off.

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Old 03-02-2015, 05:42 PM   #31
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I got my final 1099 from Fidelity today, although they had only promised it by 3/14. It's identical to the preliminary 1099 they sent me last month, so I guess I'm set.
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Old 03-02-2015, 05:55 PM   #32
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If you have investments at USAA, also look for two tax statements per account which is the result of their arrangement with National Financial Services, LLC. Next year you should be back to one tax statement per account.
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Old 03-05-2015, 10:21 AM   #33
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FYI - Called Vanguard to check on brokerage account 1099 consolidated. They told me to expect March 17th. The delay was due to tax department working on some reporting issues related to municipal bonds in this account. I am not sure if it is specific to the bonds in my account or munis in general. If it was the later, seems like they would just post something on their website.
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Old 03-05-2015, 10:10 PM   #34
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I just got a revised 1099 yesterday... and mine are just simple funds that were sold... do not know how they could have messed up the first one... but do not want to take the time to track it down...

I did have to manually go and make the changes to a few of the sales... wonder what would have happened if I downloaded again
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Old 03-06-2015, 05:33 PM   #35
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Vanguard is usually very late on my brokerage info. Last year they sent an adjustment after April 15th... So I had to do the manual adjustment as you are doing.

Basically I don't even bother to look at my taxes until April 1st, and I am usually ok that way.
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Old 03-06-2015, 08:06 PM   #36
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The economic loss from a fraudulent tax return may end up not being yours, but the hassle will most definitely be yours......
AMEN to that! I've got a buddy whose tax refund was hacked/stolen 4 yrs ago and he's still hassling with IRS over it. Eventually got his refund $$ but he figures it's cost him well over 200 hours dealing with it over the years
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Old 03-07-2015, 07:17 AM   #37
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AMEN to that! I've got a buddy whose tax refund was hacked/stolen 4 yrs ago and he's still hassling with IRS over it. Eventually got his refund $$ but he figures it's cost him well over 200 hours dealing with it over the years
I understand everyone is concerned about the fraud. But the IRS has to do better about the fraud! Damn IRS! They are putting huge accounting requirements on the brokerages, and meanwhile letting some criminal submit a 1040-EZ on your account which doesn't even come close to matching what you had last year. This is pure crap! There is no way the IRS should let those returns go through without being kicked out.

But I digress.

Ever since I started with ETFs, I've been seeing amended 1099s. Like clockwork, E*Trade would get their 1099 out in early Feb, then get me 2 more amended versions, the last usually being about April 7.

I've since switched my account to Vanguard. I expect no different. I am doing my taxes, but won't push any buttons until April 10th or so. I expect an amended 1099 from Vanguard too.

Filing amended Fed forms is a real PITA, especially if they feed into your state form. To the OP: don't be so quick to do the amended form. Wait, because you may still get a new 1099.
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Old 03-07-2015, 08:04 AM   #38
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Two things. Preparing an amendment is simple, I do 3-4 a week. You do have to file paper which is a bit of a pain but not the end of the world. The best solution is to not file so early. I try to wait until late September.

Second, isn't the accounting requirement for brokers ultimately defined by congress, not by the IRS?

I think they should move out the filing date to December 31 for everyone. That way, all the institutions can submit electronic forms (1099s etc), tax software can be fully tested instead of thrust on the consumer to do the quality assurance. Then the IRS can do real-time matching of all tax docs.
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