Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Missing 1099's?
Old 02-15-2007, 06:27 PM   #1
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Missing 1099's?

So i'm still hanging in there waiting to file my returns pending a pair of 1099's from emigrantdirect and ingdirect. Closed both accounts this year, so I anticipated some problems given that they want you to log in and download the 1099's electronically. Called them both last month and was assured they'd be mailed to me by 1/31.

Of course I didnt receive them.

Now on calling, Emigrant says they're having trouble locating ANY account information for me, so they want me to send them a clear text email with fun stuff like my social security number, DOB, etc in it so their "back room people" can look up my account info.

ING is even better. Guy wants me to use my PIN to access the information...however since I dont have an account with them anymore, I dont have a working PIN. Sooo...he's going to send me one to use on the account I no longer have. Apparently they have NO WAY to just send a copy of a 1099 to the address of record without the customer first doing something requiring a PIN. But what he COULD see is that the account says a tax form was NOT required/generated.

So heres a good question: if they have no account information for me, dont send me 1099's, then say they cant in fact do so...whats my recourse? I most definitely had enough in both accounts last year to generate around 500-600 in interest and therefore a 1099.

CFB...who is learning quickly that there ARE downsides to dealing with penny-ante internet based money market companies... or at least to not get caught in the catch-22 of closing accounts that only give information electronically through online account access... :P :P :P
__________________

__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Re: Missing 1099's?
Old 02-15-2007, 06:46 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
bbbamI's Avatar
 
Join Date: Dec 2006
Location: Dallas 'burb
Posts: 9,039
Re: Missing 1099's?

Sorry, I don't know what your recourse would be.

My question is, have they sent any of your 1099's to the IRS?

I do appreciate your post. It makes me think twice about account holders like these.
__________________

__________________
There's no need to complicate, our time is short..
bbbamI is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 06:50 PM   #3
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Missing 1099's?

Here are the instructions for 1099s which require them to give them to you either in person, through the mail, or electronically, FWIW:

http://www.irs.gov/pub/irs-pdf/i1099gi.pdf


We had this happen to us once and they assigned us a pin to get accesss. Another time we got no 1099 at all. We cashed in some eeBonds and the bank never sent the 1099. They professed no record of the transaction. Fortunately, I knew how much interest had been earned.

PITA with no real good solution. After all, you aren't going to sue to get the 1099 or to pay your penalty if you figure your tax wrong.

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 06:52 PM   #4
Thinks s/he gets paid by the post
wabmester's Avatar
 
Join Date: Dec 2003
Posts: 4,459
Re: Missing 1099's?

I haven't received a 1099 for some i-bonds I cashed out. Does the bank send them? I was expecting the treasury to.
__________________
wabmester is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 06:57 PM   #5
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,619
Re: Missing 1099's?

Quote:
Originally Posted by Cute Fuzzy Bunny
Now on calling, Emigrant says they're having trouble locating ANY account information for me, so they want me to send them a clear text email with fun stuff like my social security number, DOB, etc in it so their "back room people" can look up my account info.
Emigrant called! They said that they sent your info over to PayPal and GE's Consumer Appliance Research Department...

Quote:
Originally Posted by Cute Fuzzy Bunny
But what he COULD see is that the account says a tax form was NOT required/generated.
So heres a good question: if they have no account information for me, dont send me 1099's, then say they cant in fact do so...whats my recourse? I most definitely had enough in both accounts last year to generate around 500-600 in interest and therefore a 1099.
I don't know all the 1099 limits, but some don't kick in until $600 while others kick in over $10. I guess it depends on the nature of the profits and whether you had net losses or gains.

http://www.irs.gov/pub/irs-pdf/i1099div.pdf
http://www.irs.gov/pub/irs-pdf/i1099int.pdf

Or you could wait until late March for them to get their act together. They don't send your 1099s to the IRS until the end of Feb, and they're way more afraid of them than they are of you...
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 07:10 PM   #6
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Missing 1099's?

Nords, I believe they have to send a 1099 if the interest is $10 or more.

I think we should wait to make CFB file his taxes at the last minute, since he was so satisfied filing them so early last year.

Wab, when I tried to track this down for the eeBonds I was told the 1099 came from the bank that cashed in the bonds for us. I don't know about the I bonds.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 07:12 PM   #7
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,619
Re: Missing 1099's?

Quote:
Originally Posted by Martha
I think we should wait to make CFB file his taxes at the last minute, since he was so satisfied filing them so early last year.
So you're the one who called ING!
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 07:19 PM   #8
Recycles dryer sheets
 
Join Date: Jan 2006
Posts: 256
Re: Missing 1099's?

Hi,

Think you have two choices.

1. Report the interest I presume you can determine how much was earned if more than $600.00.

2. Don't worry about it and see if they sent the info to the IRS. If they are that screwed up they may not have. You don't strike me as the type to go overboard with your Filing to risk prison.

Two years ago on my return the page where I report the stocks I dumped and the long and short term capital losses didn't print (faithful accountant). Got notice saying I owed $5G's. Sent the info and the dispute was resolved.

Depends on your stomach I guess. If the IRS asks, restart all the conversations (hopefully emails) you have and that should be more than proof enough they screwed up. Your only human. Most people are extremely paranoid about the IRS but in my dealings they have been pretty fair.

Good Luck..

W
__________________
wallygator69 is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 07:27 PM   #9
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,409
Re: Missing 1099's?

Oh Boy - this thread is getting me 'tuned up' - plan to start my taxes tomorrow including 1099's.

And yes - I still have one file cabinet of DRIP stocks(down from two) and a VG broker account.

heh heh heh - yuck!
__________________
unclemick is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 07:58 PM   #10
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Missing 1099's?

Ugh...yeah, looks like my enemies may be lining up to mess with....uhh....about $20 worth of my taxes :P

I guess we'll do their little "pin dance", learn my lesson about dealing with half-baked companies for an extra quarter percent interest, re-learn my lesson that even calling people in advance to assure they're not going to screw up is a waste of time, and tomorrow call the IRS and let them know that these fine fellows arent providing the proper tax returns.

Once THAT bureaucracy gets a hold of them, I would expect it'll take them a hundred man-hours to properly deal with, investigate and respond to the request. Obviously much better than the 6 minutes it'd have taken the guy to just get a friggin copy of the 1099 sent to me.

AAAAAAAAAAAAAAAGHGHHGHGH!

Oh one last thing? I'll have my check back from them before Martha even finishes filling hers out!
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 08:11 PM   #11
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jun 2005
Posts: 8,625
Re: Missing 1099's?

Don't worry, the 1099s that will come in the springtime will be wrong anyways. You should just file for an extension. Then when the corrected 1099s come in August, you won't have to file an amended return and you will not have wasted any of your time to do that tax return before October anyways. Also returns filed after an extension have a lower probability of being audited.

Edit to add: My ING account is closed, but I can still login and print out the 1099.
__________________
LOL! is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 08:14 PM   #12
Thinks s/he gets paid by the post
 
Join Date: Feb 2003
Location: Mesa
Posts: 3,588
Re: Missing 1099's?

I have a share in an alternative energy limited partnership I've been holding for 7 or 8 years. They haven't been within a month of being on time with IRS paperwork yet. One year I got the schedule K (I think) on April 1. I'm also still waiting on one 1099 form. I've learned to make sure I owe money so I'm never in a hurry.
__________________
sgeeeee is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 08:20 PM   #13
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Missing 1099's?

Quote:
Originally Posted by LOL!
Edit to add: My ING account is closed, but I can still login and print out the 1099.
I guess its not particularly closed then, hmm?

Thats my concern, and why I closed the account...a preference to limit open accounts that may have EFT access to my bank account. A lot of outfits try to play a game where they dont actually close your account when you ask them to, in order to maintain a high level of 'customers'. Hmmmm....PAYPAL comes to mind!

I guess its a good thing that I also closed the bank account that the ING account was linked to.

Or...did I? :P

Quote:
Originally Posted by sgeeeee
I've learned to make sure I owe money so I'm never in a hurry.
That'll be my case from now on. I had to get the hang of this 'married filing separately' thing with a working spouse generating income. Got a few things tweaked so that starting next year we'll be paying the max I can get away with without triggering any penalties, interest or quarterly payments.

This year I was busting my butt to make sure we stayed 100% in the 10% income bracket and 5% capital gains. I overdid it a bit.
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 08:56 PM   #14
Thinks s/he gets paid by the post
Helen's Avatar
 
Join Date: Oct 2004
Location: Portland
Posts: 1,354
Re: Missing 1099's?

CFB, did you get your 1099 from Digital Credit Union ? I have not received mine.
__________________
Helen is online now   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 09:19 PM   #15
Thinks s/he gets paid by the post
maddythebeagle's Avatar
 
Join Date: Jun 2005
Posts: 2,450
Re: Missing 1099's?

Quote:
Originally Posted by LOL!
Don't worry, the 1099s that will come in the springtime will be wrong anyways. You should just file for an extension. Then when the corrected 1099s come in August, you won't have to file an amended return and you will not have wasted any of your time to do that tax return before October anyways. Also returns filed after an extension have a lower probability of being audited.
I might do that....I had issues last year with revised 1099s and sounds like it is going to be worse this year...
__________________
- Hurry! to the cliffs of insanity!
maddythebeagle is offline   Reply With Quote
Re: Missing 1099's?
Old 02-15-2007, 11:44 PM   #16
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,284
Re: Missing 1099's?

Who says you NEED to have a 1099 to file I don't...

I know how much I earned on one account, but they had sent me a 1099 when the account was closed and I lost it... (BTW, they CAN send one to you the day you close the account even if it is Jan 2nd... and it would be for NEXT year..)

Just put down what you earned and file away... and I would not belive you if you told me you did not know how much you earned...
__________________
Texas Proud is offline   Reply With Quote
Re: Missing 1099's?
Old 02-16-2007, 09:18 AM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
cute fuzzy bunny's Avatar
 
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,697
Re: Missing 1099's?

Quote:
Originally Posted by Helen
CFB, did you get your 1099 from Digital Credit Union ? I have not received mine.
Nooo...I had to call them TWICE before I got them. They want you to download them off their web site. I called last month and was assured it would be mailed to me by 1/31. Had to call again once I didnt receive it, and it was mailed the next day.


Is it just me or does it seem like everything is done half-assed these days?

I'm a little grumpy...I got a mailbox full of new PENFED cd forms to fill out since they "lost" the batch I sent in the mail...the ones I spent half an hour painstakingly filling out...and a letter from blue cross saying they'd rejected some claims because the paperwork was filled out incorrectly by my doctor, for the second time in a month, and had to chase down 1099's that I didnt get that I'd already called on...and...oh lets just say it was "fix other peoples screwups day" :P Thats my job now, fixing other peoples half-assed 'work'. Companies have done a great job of outsourcing their quality work TO ME!
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
cute fuzzy bunny is offline   Reply With Quote
Re: Missing 1099's?
Old 02-16-2007, 09:24 AM   #18
Recycles dryer sheets
 
Join Date: Feb 2007
Posts: 59
Re: Missing 1099's?

Quote:
Originally Posted by Cute Fuzzy Bunny
So i'm still hanging in there waiting to file my returns pending a pair of 1099's from emigrantdirect and ingdirect.
I got my Emigrant one a long time ago.


I (and two of my friends that I know of) have not received my INGDirect 1099-Int but got the info off their website. My wife also never received her 1099-R from ING for closing out her Massachusetts retirement fund which was loosing more in fees than the investment was earning for the last two years.

__________________
lrak is offline   Reply With Quote
Re: Missing 1099's?
Old 02-16-2007, 11:29 AM   #19
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Re: Missing 1099's?

Working on taxes this morning. Still missing K-1s, but that is expected. The only 1099 we are missing is from Treasury Direct. Wtf? Then when we try to go into our account on Treasury Direct, they wouldn't believe our account number or password or the answers to our security questions. Waiting for a customer service call back now.


ACK!!!!!!!!

I hate all the paper work involved in doing taxes.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Re: Missing 1099's?
Old 02-16-2007, 06:44 PM   #20
Thinks s/he gets paid by the post
 
Join Date: Apr 2006
Posts: 1,487
Re: Missing 1099's?

Quote:
I hate all the paper work involved in doing taxes
the paper work i hate most is when i have to write the check
__________________

__________________
d is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
White House: As Many As 5 Million E-mails Possibly Missing FinallyRetired Other topics 7 04-15-2007 09:42 PM
$9 billion in missing cash... bright eyed Other topics 7 02-20-2007 06:12 PM
As a business owner, how do I file my 1099's for my contractors? thefed Other topics 5 01-23-2007 03:13 PM
My Plan...what am I missing? cyclone6 FIRE and Money 15 11-13-2006 09:21 PM
How Firecalc handles missing Treasury data dory36 FIRE and Money 7 12-06-2004 04:00 PM

 

 
All times are GMT -6. The time now is 02:58 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.