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Broker sending LATE tax forms...ugh
Old 05-28-2016, 01:07 PM   #1
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Broker sending LATE tax forms...ugh

Here are the details...

Filed my 2015 taxes in April of this year. Thought everything was square. Bam! Get a 1099-B (2015) form from brokerage firm AFTER April 15. So end up amending return.

Well, shortly after filing an amended return and paying fees to tax preparation firm for doing so, I get another 1099-B firm from the same outfit.

In total, since April of this year, I've gotten about 9 corrected 1099-B forms.

My question is, I don't know when this nonsense will stop. (Have gotten 3 corrected forms just this month!)

Don't want to keep going to the tax prep office and pay fees for another amended return when another corrected 1099-B will probably come anyway.

Has anyone had this problem with a brokerage firm waiting until well after April 15 to send corrected tax forms; if so, what do you do?

For example, would it be the most cost-effective to wait until the very last minute to amend my tax return for 2015; if so, what date would that be?
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Old 05-28-2016, 01:11 PM   #2
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This is discussed often on this forum. Lots of folks learn their lesson and file their tax returns in October after filing for an extension before April 15.

I have received a corrected 1099 as late as August.

I am waiting to file in October again this year.

If you will not owe additional taxes, then you can wait for years to amend your return. I think it might be something like 3 or more years. In the meantime, the IRS may fix it for you.
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Old 05-28-2016, 02:41 PM   #3
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I've never had the issue but if it was me I'd sure find another brokerage. That's just sloppiness on their part.
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Old 05-28-2016, 02:44 PM   #4
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The only way I can imagine this happening would be if you had an ungodly number of holdings in the account. May I ask how many you had, and if this was a major brokerage?
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Old 05-28-2016, 03:41 PM   #5
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I would prefer to keep my own records so that I would know when I receive
the 1099B that it was correct.
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Old 05-28-2016, 04:45 PM   #6
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Quote:
Originally Posted by kaneohe View Post
I would prefer to keep my own records so that I would know when I receive
the 1099B that it was correct.
How would your records tell you how much of your proceeds from selling REIT shares was return of capital?
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Old 05-28-2016, 06:45 PM   #7
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Quote:
Originally Posted by Walt34 View Post
I've never had the issue but if it was me I'd sure find another brokerage. That's just sloppiness on their part.
+1

And stop filing amendments.
You could wait until the irs fixes it for you, or learn to do your tax returns yourself and save a bundle.

call your brokerage and ask them to pay the bill for the next amendment you will need to do, if they refuse, transfer you accounts.
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Old 05-28-2016, 07:32 PM   #8
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Originally Posted by LOL! View Post
How would your records tell you how much of your proceeds from selling REIT shares was return of capital?
Have no idea having never owned any REITs. Only have owned RE LPs
where the GP provides a K-1 with info. Presumably the GP knows what they are doing.
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Old 05-28-2016, 07:40 PM   #9
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This is likely not the fault of the brokerage. It's the fault of the specific investment - the REIT in this case.
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