Schwab (and others) 1099 corrections

[Jerry1]

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.

 

[MBAustin]

We got a corrected one from Schwab last week.

 

[RockyMtn]

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

 

[GalaxyBoy]

Got my 1099 on 2/7 and no corrected version as of today, 3/18.

 

[CyclingInvestor]

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.

 

[Bir48die]

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.

 

[bingybear]

it happens. Schwab is not the only place you can get them.

We just filed, so any day I'll get a changed 1099

 

[Jerry1]

I did have a REIT, so I guess I’ll wait until at least 4/15 and then amend. Thanks.

 

[ERD50]

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

 

[Jerry1]

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 that’s because Schwab is the only broker where I had a REIT.

 

[MichaelB]

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.

 

[MRG]

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.

 

[Carpediem]

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.

 

[leftymd]

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.

 

[Col. Klink]

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.

 

[triangle]

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.

 

[MBAustin]

Just got a notice today from Schwab for a second corrected 1099. Ugh. Fortunately our accountant isn't finished with our return.