Missing 1099's?

[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. 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...

 

[bbbamI]

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.

 

[Martha]

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.

 

[wabmester]

I haven't received a 1099 for some i-bonds I cashed out. Does the bank send them? I was expecting the treasury to.

 

[Nords]

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...

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...

 

[Martha]

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.

 

[Nords]

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!

 

[wallygator69]

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

 

[unclemick]

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!

 

[cute fuzzy bunny]

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

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!

 

[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.

Edit to add: My ING account is closed, but I can still login and print out the 1099.

 

[sgeeeee]

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.

 

[cute fuzzy bunny]

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?

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.

 

[Helen]

CFB, did you get your 1099 from Digital Credit Union ? I have not received mine.

 

[maddythebeagle]

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...

 

[Texas Proud]

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...

 

[cute fuzzy bunny]

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" Thats my job now, fixing other peoples half-assed 'work'. Companies have done a great job of outsourcing their quality work TO ME!

 

[lrak]

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.

 

[Martha]

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.

 

[d]

I hate all the paper work involved in doing taxes

the paper work i hate most is when i have to write the check

 

[mickeyd]

Today I started doing our taxes on TorboTax and I realized that a contract job that DW did (less than $2k) last summer was missing and probably not received by us. The work was for a local university medical center. Since they did not deduct anything from her stipend, I was thinking of just "forgetting" about it and considering it tax free $.

If they do not report it to IRS, she never worked there. No?

 

[Nords]

If they do not report it to IRS, she never worked there. No?

If that "stipend" was a reimbursement of her expenses then there's no 1099 generated and you're on your own.

If that stipend was actually a form of salary, $600 or more, then they generated a 1099-MISC for her last month and will be sending a copy to the IRS this month. That's what the rules say they should do, anyway.