Fidelity tax forms

[Taxman59]

If the new Roth IRA is his only FIDO account, I would not expect a 1099 from FIDO this year--just a 5498 a few months after April 18 to reflect rollovers and contributions for the prior year.

He should have received a 1099R from his 401k administrator already assuming that the request to the 401k was processed on or before Dec 31.

-gauss

His 401k administrator is Fido, and it was rolled into Wells Fargo Roth. No 1099r or 5498 yet

Sent from my SCH-I545 using Early Retirement Forum mobile app

 

[ERD50]

This seems to fly in the face of the frequently heard "Vanguard is cheaper for a reason" statement.

+1. And this, seems to fly in the face of what the word "deadline" means:

We understand that it can be inconvenient to receive your tax form(s) after the February 16 IRS deadline.

What comes after "deadline"? Is there any stronger language?

BTW, I think this situation could be improved if Congress were required to freeze the tax laws, requirements and forms on the first day of that tax year. There is no reason that we shouldn't know what the laws/requirements are for 2016 at the start of 2016 - not late in the year, or next year. It's almost like being able to modify a contract after the fact. Actually that's exactly what it is.

-ERD50

 

[MichaelB]

What comes after "deadline"? Is there any stronger language?

extension ?

BTW, I think this situation could be improved if Congress were required to freeze the tax laws, requirements and forms on the first day of that tax year. There is no reason that we shouldn't know what the laws/requirements are for 2016 at the start of 2016 - not late in the year, or next year. It's almost like being able to modify a contract after the fact. Actually that's exactly what it is.

This delay is not result of late changing tax regulations. That would affect the release of tax preparation SW but should have no impact on brokerage reporting. Here Fidelity is the intermediary, they collect and report, and when information they collected is subsequently changed they incur the cost of reporting again. They may be anticipating delay, or simply taking an easier route to satisfy minimum reporting requirements.

 

[braumeister]

A couple of times in the past I've filed my taxes, then received a corrected 1099 a few days later that materially altered my return, meaning I had to file an amended one. I would MUCH rather have them get an extension.

 

[38Chevy454]

Received the same Mar 17 email. Supposedly I may have the electronic copies available, but not sure if there could be changes so I can wait a bit. Plus looking like I will owe some, so not exactly in a hurry to finish.

 

[sengsational]

None of my 1099B's, three companies, were available until right upon the deadline. Fido, before the weekend, and the others after the weekend.

I was actually thinking of posting a thread to ask if there was a reason for the foot dragging on the 1099B's.

Has anyone heard of any IRS "guidance" on delaying? Why would the 1099B's be universally published at the last possible moment before getting an extension?

 

[bingybear]

I just received this email from Fidelity
Is it me or is this getting worse each year?

I already downloaded my fido tax forms... maybe just you. Don't have schwab forms yet.

 

[mathjak107]

fidelity says preliminary when i looked

 

[audreyh1]

I enjoyed seeing "de minimus" stamped across one of my fidelity 1099s in big letters. Had to look it up to be sure. It means too little income to send form into IRS.

 

[Dawg52]

I never file until early April so not concerned if its mid March before forms are ready. Not fond of amended tax returns due to corrected tax forms. That has happened to me. So I wait as a precaution......

 

[MichaelB]

A couple of times in the past I've filed my taxes, then received a corrected 1099 a few days later that materially altered my return, meaning I had to file an amended one. I would MUCH rather have them get an extension.

A valid point, I agree.

 

[bingybear]

I enjoyed seeing "de minimus" stamped across one of my fidelity 1099s in big letters. Had to look it up to be sure. It means too little income to send form into IRS.

yes, but you are still suppose to file the too small on your taxes. It does not mean too small to file.

 

[audreyh1]

yes, but you are still suppose to file the too small on your taxes. It does not mean too small to file.

Of course.

And that was only one of 3 1099s.

 

[bingybear]

I never file until early April so not concerned if its mid March before forms are ready. Not fond of amended tax returns due to corrected tax forms. That has happened to me. So I wait as a precaution......

I like getting mine early. I input the info into the tax program as the forms come in. Often there is info you need to hunt for like state tax exempt portion of a muni fund distributions. Also sometimes you may need to hunt for K-1 or the like for MLPs (that looks like a stock) or ETF that invests in things like commodities (even if they are in IRAs). These may not be provided by your broker.
But I also wait until sometime in April to actually file. I have a couple times had corrections to my tax forms after filing. Sometimes these came after the filing date... thus I had to file an amended return. I guess I could have initially filed for extension so I did not have to file an amended return, but I think waiting until early April or just before the due date is likely good enough. I have found the number of corrected forms have been dropping in recent years. I think I only had one 1099 corrected last year.

 

[bingybear]

Of course.

And that was only one of 3 1099s.

I only got one "de minimus" 1099 and a couple that just did not sent 1099's because the interest was of a level that would be "de minimus". I looked up those and filed those also.
Personally I would like not seeing the "de minimus".... it just means I did not make much on the assets (or possibly had little $ in it I guess). I would rather be getting a decent return.

 

[audreyh1]

I only got one "de minimus" 1099 and a couple that just did not sent 1099's because the interest was of a level that would be "de minimus". I looked up those and filed those also.
Personally I would like not seeing the "de minimus".... it just means I did not make much on the assets (or possibly had little $ in it I guess). I would rather be getting a decent return.

I'm not crying over $2.07 interest in a checking account. I have others with $0 interest.

 

[sengsational]

A couple of times in the past I've filed my taxes, then received a corrected 1099 a few days later that materially altered my return, meaning I had to file an amended one. I would MUCH rather have them get an extension.

A valid point, I agree.

If they owe me big due to withholding, I'm tempted to file on January 1st with "my calculations", then again in April, when I get the final numbers. I've never done an amended return. If it was as easy as printing and mailing a new set of forms, that would be easy. But I guess it's more involved than that, and I've never seen an option in the tax software to select a before and after, then automatically print the amended return. I'm sure the IRS doesn't want to make it too easy!

 

[audreyh1]

We usually file late March in case of updated/modified 1099s. Haven't had corrected 1099s for a number of years now. But we still delay.

 

[REWahoo]

We usually file late March in case of updated/modified 1099s. Haven't had corrected 1099s for a number of years now. But we still delay.

We've started filing in early February because of the growing risk of fraud/identity theft. Filing an amended return if something shows up later is not really a big inconvenience by comparison.

 

[audreyh1]

We've started filing in early February because of the growing risk of fraud/identity theft. Filing an amended return if something shows up later is not really a big inconvenience by comparison.

It's a consideration. We took other steps last year to make us less vulnerable to someone getting our IRS info.

 

[Jerry1]

Schwab still has Feb 26th listed on their website. It's the last piece I'm waiting for.

Same here. Hoping to file by end of February. One of the ways suggested to prevent IRS fraud (people filing under your name/number) is to file early. I'd sure like to be able to file sooner if for no other reason but to minimize that risk.

 

[bingybear]

Schwab still has Feb 26th listed on their website. It's the last piece I'm waiting for.

my schwab forms showed up online yesterday.

now waiting on my HSA forms (not really needed) and giving time for corrected forms... if that happens with any.

Calculations for our Roth conversion kept us just below the top of 15% bracket as planned. Nice when something works out.

 

[Senator]

I just received my hard-copy Fidelity forms in the mail yesterday. TurboTax imported them a week+ ago.

 

[RockyMtn]

my schwab forms showed up online yesterday.

+1 here although they are not available for download to tax programs until Feb 26th.

 

[bingybear]

+1 here although they are not available for download to tax programs until Feb 26th.

Schwab and Fidelity don't provide compatible downloads for TaxAct (the tax program I use). They do provide instructions on how to download the data from the website and create a csv file that can be imported. However, I don't have too many transactions, so import is of little importance in my case.