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Schwab (and others) 1099 corrections
Old 03-18-2019, 12:23 PM   #1
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Schwab (and others) 1099 corrections

Has anyone ever seen a corrected 1099 come out after 3/15 from Schwab or anyone? I need to amend my return and I'm trying to decide how soon to do so. One year I got a corrected 1099 from Schwab but I think is was before 3/15 which I believe is the deadline for certain entities to report final numbers.

Note, the amendment that I already have will generate a refund so I'd like to file asap, but I certainly don't want to file again.
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Old 03-18-2019, 12:39 PM   #2
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We got a corrected one from Schwab last week.
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Old 03-18-2019, 12:43 PM   #3
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We got a corrected one from Schwab last week.
got one about two weeks ago. Never seen an adjusted after March 15 except when I had some K-1"s
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Old 03-18-2019, 01:04 PM   #4
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Got my 1099 on 2/7 and no corrected version as of today, 3/18.
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Old 03-18-2019, 02:59 PM   #5
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Sure. Owning multiple REITs seemed to be an excellent way to receive amended 1099s. Sometimes Schwab would send several in one year, once after 4/15, as the REITs kept updating their tax treatments.
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Old 03-18-2019, 05:45 PM   #6
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Second revision. Mine were corrected with new dividend info. My K-1's report separately. Luckily I never finish my taxes until end of March for all these reasons.
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Old 03-18-2019, 06:06 PM   #7
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it happens. Schwab is not the only place you can get them.

We just filed, so any day I'll get a changed 1099
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Old 03-19-2019, 05:34 AM   #8
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I did have a REIT, so I guess I’ll wait until at least 4/15 and then amend. Thanks.
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Old 03-19-2019, 06:33 AM   #9
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it happens. Schwab is not the only place you can get them.

We just filed, so any day I'll get a changed 1099
Yes, the title of the thread is misleading, IMO. It's not about Schwab, it's about corrected 1099's in general.

Does Schwab have a reputation for sending more corrections than the other big financial houses?

-ERD50
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Old 03-19-2019, 06:35 AM   #10
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Yes, the title of the thread is misleading, IMO. It's not about Schwab, it's about corrected 1099's in general.

Does Schwab have a reputation for sending more corrections than the other big financial houses?

-ERD50
Sorry. Schwab is the only one that ever sent a corrected 1099 to me. However it seems, from reading this thread, that thatís because Schwab is the only broker where I had a REIT.
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Old 03-19-2019, 06:37 AM   #11
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I’ve had corrected 1099’s from Fidelity 3 times. Twice they involved K-1’s and once a simple mutual fund distribution.

Edit to add - I changed the thread title to include 1099 corrections in general.
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Old 03-19-2019, 06:40 AM   #12
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Yes, the title of the thread is misleading, IMO. It's not about Schwab, it's about corrected 1099's in general.

Does Schwab have a reputation for sending more corrections than the other big financial houses?

-ERD50
Nope, tax reporting is a great big PIA for the financial services industry.
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Old 03-19-2019, 06:44 AM   #13
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Just received a corrected 1099-R from Vanguard today after they screwed up a distribution code for a dividend payment. So glad I haven't submitted my return yet.
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Schwab Revised 1099's
Old 03-19-2019, 07:15 AM   #14
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Schwab Revised 1099's

Received 3rd revision to Schwab 1099.....last year had 4. Biggest change is revisions from Ordinary Divs to Non-Div distributions. Each change is lesser $ amount, hence when the change is single digits, its time to file.
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Old 03-19-2019, 11:36 AM   #15
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Had a corrected 1099 last year from VG. Just checked VG for one as the Enrolled Agent I use for taxes just called to say this year's is ready to file. Thankfully, there is not a correction so I hope I'm good.
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Old 03-19-2019, 11:59 PM   #16
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I believe corrected 1099 are fairly common. Especially if owning "income" generating securities and funds when there is late re-characterization of distributions between qualified, non-qualified, ROC and other categories.


You can file multiple amended returns if needed, though it can be tricky with Turbotax. I once filed in early April only to received a corrected 1099 just before the 15th. Got my amended returned filed by late April and thought I was done. Only to then receive another corrected 1099 in late summer, requiring a second corrected return to be filed. In each case the amounts were for a few dollars, so the effort involved was more costly than the refund received.
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Old 03-26-2019, 03:50 PM   #17
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Just got a notice today from Schwab for a second corrected 1099. Ugh. Fortunately our accountant isn't finished with our return.
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