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01-27-2019, 05:39 PM
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#21
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2007
Posts: 13,228
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I would think if your return were pretty basic, you're ok to file anytime. It's not like they are still trying to get the tax brackets correct by now or anything (though I think they did have an issue with cap gains taxability initially)? If it's more complicated, like rental income, your own business, limited partnership, etc, maybe they don't have those nailed down yet? Just guessing.
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01-27-2019, 06:54 PM
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#22
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,610
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Quote:
Originally Posted by Souschef
Same here-I was told by Fido that one of the funds data would not be available until med Feb.
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Same here. The mid Feb thing has hit me the last two years.
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01-27-2019, 07:02 PM
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#23
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Thinks s/he gets paid by the post
Join Date: Dec 2015
Location: Santa Paula
Posts: 4,077
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I just had a shock. When I calculated my RMD, I added in the management fee. When I got my 1099R, it was not included!
I shudder at paying a 50% penalty on the difference, but miraculously, TT came up with the answer.
It involves a form 5329, and you ask for forgiveness and promise to add it to next year's RMD WHEW!
__________________
Retired Jan 2009 Have not looked back.
AA 60/35/5 considering SS and pensions a SP annuity
WR 2% with 2SS & 2 Pensions
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01-27-2019, 08:51 PM
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#24
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,698
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Quote:
Originally Posted by gauss
You probably have 'brokerage accounts', which had their deadline to report moved back to Feb 15 about 10 or so years ago.
If you stick to earned income, retirment accounts, stocks / bonds / bank accounts / mutual funds that are held outside of a brokerage account. then the 1099's all need to be reported by Jan 31.
This was one of the reasons that I never gave up my Vanguard legacy mutual fund (aka non-brokerage) account despite their nagging me to do so.
-gauss
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My (snake-bit) friend and I are Fido clients. He has a brokerage account which has several individual stocks, Fido mutual finds, and non-Fido mutual funds, one of which holds international assets. His lengthy 1099 forms (1099-B, 1099-DIV, and 1099-INT) appeared on line yesterday. I have a straight mutual fund account which contains 3 funds, all domestic (and one is the same as my friend's). Yet my 1099 forms (1099-B and 1099-DIV only) won't be coming out until next weekend. Strange.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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01-27-2019, 10:06 PM
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#25
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Thinks s/he gets paid by the post
Join Date: Dec 2018
Location: DuPage County IL
Posts: 2,730
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if we owe i file on april 8. if we're due a refund i file asap.
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01-27-2019, 10:07 PM
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#26
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 7,113
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OK, let me toss out a possible answer to the question of investment income reporting. The funds have until Jan 31 to report. Fidelity (and other investment companies) must compile the data for each individual brokerage investor.
__________________
Duck bjorn.
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01-27-2019, 10:11 PM
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#27
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Thinks s/he gets paid by the post
Join Date: Dec 2018
Location: DuPage County IL
Posts: 2,730
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Quote:
Originally Posted by Brat
OK, let me toss out a possible answer to the question of investment income reporting. The funds have until Jan 31 to report. Fidelity (and other investment companies) must compile the data for each individual brokerage investor.
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that's what i always tnought but one of our brokerages doesn't provide our 1099 until mid february. i've called them on it but they claim they're followng IRS regs.
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01-27-2019, 10:25 PM
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#28
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2004
Location: Portland, Oregon
Posts: 7,113
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There are two steps in the process: the fund has x-date to report their results, the brokerages have another 15 days to transmit it to investors. IRS regs may reflect the real world reporting logistics.
__________________
Duck bjorn.
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01-27-2019, 10:41 PM
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#29
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2009
Posts: 6,698
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Quote:
Originally Posted by Brat
OK, let me toss out a possible answer to the question of investment income reporting. The funds have until Jan 31 to report. Fidelity (and other investment companies) must compile the data for each individual brokerage investor.
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The investment companies can file for extensions. One time, a few years ago, one of my friend's investment companies didn't get their 1099 to him until the beginning of March.
__________________
Retired in late 2008 at age 45. Cashed in company stock, bought a lot of shares in a big bond fund and am living nicely off its dividends. IRA, SS, and a pension await me at age 60 and later. No kids, no debts.
"I want my money working for me instead of me working for my money!"
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01-27-2019, 11:11 PM
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#30
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gone traveling
Join Date: Aug 2006
Posts: 994
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Quote:
Originally Posted by Souschef
I just had a shock. When I calculated my RMD, I added in the management fee. When I got my 1099R, it was not included!
I shudder at paying a 50% penalty on the difference, but miraculously, TT came up with the answer.
It involves a form 5329, and you ask for forgiveness and promise to add it to next year's RMD WHEW!
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Makes me glad my traditional IRAs are in simple bank CDs.
No fees and the interest can be calculated well ahead of time.
.
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01-28-2019, 05:42 AM
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#31
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Thinks s/he gets paid by the post
Join Date: Feb 2009
Location: Cville
Posts: 1,604
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In regard to penalties for 2018 taxes, just read on yahoo that the IRS has said they won’t asses any penalties for 2018 due to the complexity of figuring withholding due to all the changes. The report also claimed tax software would incorporate this.
You should verify, just mentioning what I read.
__________________
FIRE 31 Aug, 2018 - Always leave every place better than you found it, always give more than expected or Due
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01-28-2019, 06:09 AM
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#32
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Thinks s/he gets paid by the post
Join Date: Jul 2015
Location: Beaverton
Posts: 1,382
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Can never file until at least mid March. All the K-1's trickle in at various times
__________________
Jump in, the water's warm.
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01-28-2019, 07:07 AM
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#33
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Thinks s/he gets paid by the post
Join Date: Jun 2017
Location: Western NC
Posts: 4,633
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Extension again for me I'm sure.
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01-28-2019, 08:33 AM
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#34
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Thinks s/he gets paid by the post
Join Date: Aug 2013
Location: North
Posts: 4,043
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I owe, so April 12th they will be triple-checked, and I will put an extra stamp on it and drop it off outside the post office in the mailbox April 13th.
Uncle Sam can wait for his check to make it through his second-cousin's parcel service USPS before it comes out of my hard earned money!
#snailMail
I'll execute the Vanguard transfer to checking from my Money Market sometime that Wednesday so it clears by Friday.
__________________
Time > $$$ ~ 100% equities ~ FIRE @2031
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01-28-2019, 01:08 PM
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#35
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Thinks s/he gets paid by the post
Join Date: Aug 2014
Location: Red Rock Country
Posts: 1,932
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Here in Arizona, they are recommending waiting to file the state return as our stupid politicians haven't yet decided how to change our rules to comply with last year's Federal changes. If you file early, it's a crap shoot as to whether or not you'll have to file an amended return when the rules are finalized. Thing to do I guess would be to file Federal and wait to file the state.
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01-28-2019, 01:24 PM
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#36
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Nov 2016
Posts: 9,526
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We file once received all the documents. I just found out today that I have a 1099 that won't be mailed out no later then Feb 15th. So I will have to wait for that one item and still waiting for out income tax stuff to show up yet.
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01-28-2019, 03:58 PM
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#37
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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Quote:
Originally Posted by JustCurious
That wouldn't be fair. Some people would have to file relatively soon based on the luck of the draw of their SSN while others would get more time?
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Sure it would be fair because
(1) The first deadline would still be April 15th since no one would get all their 1099s and other info together earlier anyways, and
(2) Anybody would still be able to file for an extension.
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01-29-2019, 06:49 AM
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#38
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Thinks s/he gets paid by the post
Join Date: Nov 2006
Posts: 1,640
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Filed ours yesterday. Already accepted by IRS and State. The latest TurboTax updated the 8606 forms, so everything (on our return) was good to go. We're getting a refund on Federal and owe the State. I won't actually pay the state until later.
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01-29-2019, 09:52 AM
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#39
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Thinks s/he gets paid by the post
Join Date: Oct 2010
Posts: 2,472
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Quote:
Originally Posted by gauss
You probably have 'brokerage accounts', which had their deadline to report moved back to Feb 15 about 10 or so years ago.
If you stick to earned income, retirment accounts, stocks / bonds / bank accounts / mutual funds that are held outside of a brokerage account. then the 1099's all need to be reported by Jan 31.
This was one of the reasons that I never gave up my Vanguard legacy mutual fund (aka non-brokerage) account despite their nagging me to do so.
-gauss
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I had Vanguard post my 1099 B consolidated this morning.
From Vanguard site,
When it will be ready
Mid-January for most mutual fund accounts.*
Late January for brokerage accounts with only Vanguard mutual funds and/or ETFs and simple securities that don't typically reclassify income.*
__________________
For me experiences are not good or bad, just different
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01-29-2019, 01:06 PM
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#40
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2017
Location: Chapel Hill, NC
Posts: 5,318
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It appears there is an error on the Turbo Tax federal form (see thread above on this) so those using Turbotax may want to wait to file until Turbotax gets the error corrected.
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