Delay in 1099 mailings

[MichaelB]

Well, I just got this in an email. Looks like another busy march for taxes...

[FONT=times, serif]We'll Mail Your 2008 Form 1099 Later Than in Previous Years[/FONT]

[FONT=helvetica, arial]We’re writing to let you know that Schwab will mail your 2008 1099-Composite in mid-February 2009.[/FONT]

[FONT=helvetica, arial]The Emergency Economic Stabilization Act of 2008 extended the required mailing date for Form 1099-Composite from January 31 to February 15. Due to Presidents' Day on Monday, February 16, 2009, the required mailing date will be further extended to February 17 in 2009.[/FONT]

[FONT=helvetica, arial]If you use a TurboTax® software product to prepare your taxes, please don't attempt to import your tax information from Schwab until you've received your 2008 1099-Composite.[/FONT]

 

[JPatrick]

I was able to import Scottrade and Vanguard, but I got a similar note from FIDO and Templeton

 

[LOL!]

What are you gonna do when you get a corrected 1099 in July?

 

[OAG]

Oh, Oh, I can see some of them being mailed late then along about May 15 you get the "corrected copies". Not a good sign to use up the the last day to mail them. Anyway, I thought it was a "in your hand" date. Usually, when they use the last minute (assuming they are not "late") they mail them 5 days prior to the "end" date. I have ALL of mine from 3 CU and 3 Banks - got the last one today (Jan 26). Had my Army 1099 BEFORE the end of 2008.

 

[CuppaJoe]

I just now checked one of my accounts and got the message about the Feb. 15 extension also.

Makes me laugh because I wonder if it also applies to W2s? I really don't want to bug my over-worked replacement about it. Years ago I knew a CPA who said she reserved President's Day to do her taxes. Maybe Easter this year.

 

[W2R]

I just now checked one of my accounts and got the message about the Feb. 15 extension also.

Makes me laugh because I wonder if it also applies to W2s? I really don't want to bug my over-worked replacement about it. Years ago I knew a CPA who said she reserved President's Day to do her taxes. Maybe Easter this year.

I already have my W2, and I think I have everything else except..... there was that $4460.50 "unclaimed property" distribution that I received from the state. I never did find out whether or not I'd get any paperwork on that. Guess I should call them (or wait until April 14th to file).

And then I need to doublecheck with my brother who was executor for my mother's estate. You'd think that I would have to submit SOMETHING to the IRS to account for the spike in income, if for no other reason than to show them that I'm not some kind of drug cartel kingpin. O0

 

[Martha]

I gave up last year on timely 1099s as they always keep coming up with new corrections. I just file for an extension to pay my taxes and pay high enough estimated taxes. Blech.

 

[harley]

I have quite a few that haven't arrived yet. Been getting a bit nervous. Have to go to the sites and see what I can find.

 

[brewer12345]

Eh, I'll have to wait until March to get the k-1s from the partnerships anyway. Hit the tax prep snooze button for a while...

 

[MichaelB]

Another one! This time Fido

I got another one.

We are writing to inform you that Fidelity will mail your 2008 Tax Reporting Statement no later than February 28. Fidelity is taking this action to reduce the number of "corrected" tax statements that you could receive. Please note the following:

• Fidelity is mailing selected tax statements in late February because certain third-party tax information will not be available in time to be included in the tax statements mailed by the new IRS February 15* deadline.
• The third-party information includes data for certain non-Fidelity mutual funds, unit investment trusts, and real estate investment trusts.
• Fidelity is able to mail your tax statements in late February because we received a mailing deadline extension from the Internal Revenue Service.
• If you use a TurboTax® tax preparation product to prepare your taxes, please do not attempt to import your tax information from Fidelity Investments until you have received your Fidelity 2008 Tax Reporting Statement.
• In order to reach you effectively, we are sending this message by U.S. mail in addition to e-mail.

Any other year, I wouldn't mind, because I have to pay, and I never pay before 4/15. This year I paid a bundle in estimated taxes, then did a lot of TLH in 4Q. I have a big refund coming

 

[frayne]

What are you gonna do when you get a corrected 1099 in July?

Ammend your return or expect a nasty little letter from the IRS in about three years down the road, trust me on this.

 

[retire@40]

1099's are slowly turning into rocket science.

The calculations, even with computers doing most of the work, have become so intricate that they are almost impossible to do correctly within a month.

 

[OAG]

1099's are slowly turning into rocket science.

The calculations, even with computers doing most of the work, have become so intricate that they are almost impossible to do correctly within a month.

All my Credit Unions have them done pretty early. PFCU had their up and running for D/L about 5/1/09. Vanguard mailed one to me oa 1/10/09. Capital One had mine to me oa 1/15/09. All, so far, have been accurate too. Seems like some are delaying because just they can based on the new law.

 

[audreyh1]

I gave up on doing taxes before March years ago. I always got corrected statements in March anyway. One year I got a corrected statement on April 17 - It had been mailed on April 15 and I had just filed my taxes a few days before. Had to do an amended return that year.

Audrey

 

[FinanceDude]

Well, I just got this in an email. Looks like another busy march for taxes...

JUST because the date was extended, does NOT mean that firms have to WAIT.......... All of my firm's 1099's were mailed to clients the week of January 18th, plus as of january 15th I can print off their 2008 1099 on my computer if they need that...........

 

[RustyShackleford]

Ammend your return or expect a nasty little letter from the IRS in about three years down the road, trust me on this.

The only corrected 1099 I ever got just increased the percent of dividends
that were qualified, and woulda saved me $25. I didn't file an amended
return and I think the IRS was cool with that

 

[RustyShackleford]

Damn, were we separated at birth or something ...

.... there was that $4460.50 "unclaimed property" distribution that I received from the state. I never did find out whether or not I'd get any paperwork on that. Guess I should call them (or wait until April 14th to file).

I have unclaimed property of similar amount from "the state" (from a
previous employer), and I too wonder what (if any) tax liability this
implies and/or what paperwork i may get.

And then I need to doublecheck with my brother who was executor for my mother's estate. You'd think that I would have to submit SOMETHING to the IRS to account for the spike in income ...

You DO know about the K-1 you should receive (from the estate) for each
year the estate received income, right ? In my case it's my sister, but
yes, I need to check with her and make sure she successfully turned off
the interest on whatever remained at the beginning of 2008 before the
estate closed. However, these K-1's don't seem to mention the actual
distributions to the heirs, and as best I can tell, if it's not on the K-1, the
IRS doesn't care. I guess big chunks of money showing up in someone's
account from an estate ain't all that unusual. And I think drug kingpins
prefer cash ...

 

[freebird5825]

Both 1099Rs are in hand.
Credit union 1099INT in hand for 1 account, need one more.
I have my Vanguard and American Funds hardcopy 1099s in hand.
TDAmeritrade account data is still not available for download
as of today.

 

[OAG]

Anyone have USAA Brokerage Accounts? I got this message from there site this morning:

"2008 USAA Brokerage (non-IRA) 1099 tax statements will be mailed no later than Feb. 17, 2009, in compliance with IRS guidelines. If you use TurboTax® to download your tax statement, this information will be available no later than Feb. 26, 2009."

Talk about delay, because we can!

 

[aaronc879]

I received both my 1099's(credit union and Vanguard) more than a week ago as well as my W-2. Just sent in my taxes. I'll be getting my return before the end of February

 

[Lakedog]

Have all of mine now that TD Ameritrade made theirs available online yesterday. I even finished my fed and state tax returns last night......

 

[W2R]

Damn, were we separated at birth or something ...

I have unclaimed property of similar amount from "the state" (from a
previous employer), and I too wonder what (if any) tax liability this
implies and/or what paperwork i may get.

You DO know about the K-1 you should receive (from the estate) for each
year the estate received income, right ? In my case it's my sister, but
yes, I need to check with her and make sure she successfully turned off
the interest on whatever remained at the beginning of 2008 before the
estate closed. However, these K-1's don't seem to mention the actual
distributions to the heirs, and as best I can tell, if it's not on the K-1, the
IRS doesn't care. I guess big chunks of money showing up in someone's
account from an estate ain't all that unusual. And I think drug kingpins
prefer cash ...

Rusty, the State of Louisiana Unclaimed Property office sent me 1099's for my unclaimed property (apparently the remnants of some old mutual fund shares which I forgot about but then the mutual fund company disbanded in the Enron mess). I just received the 1099's yesterday. What a relief. Thought I'd alert you to that.

Thanks for the "heads up" on the K-1 forms. I haven't received anything at all and will ask my brother/executor what gives. All parts of the estate were investments, which declined in value from the time of her death until all distributions were made, so maybe they are not necessary. I am really glad to hear that they aren't going to think I'm a drug kingpin after all!!

 

[RustyShackleford]

All parts of the estate were investments, which declined in value from the time of her death until all distributions were made, so maybe they are not necessary.

Hmm, I wonder if you should be able to have a capital loss forwarded
to you on the K-1 then, since (as you probably know) the basis resets
to the value at the date of the decedents death.

P.S. Sorry for your loss. As the nice Navy chaplain said at my Mom's
burial, just because someone dies doesn't mean our relationship with
them ends.

 

[W2R]

Hmm, I wonder if you should be able to have a capital loss forwarded
to you on the K-1 then, since (as you probably know) the basis resets
to the value at the date of the decedents death.

Good idea. I'll ask about that. I think that my brother managed to put most of it into money market by March of 2008, but the estate lost some between Oct 2007 and that time.

P.S. Sorry for your loss. As the nice Navy chaplain said at my Mom's
burial, just because someone dies doesn't mean our relationship with
them ends.

Thanks. It's so strange - - whenever I want to see my mother, I look in the mirror and there she is, in me. And so often I find myself saying things in ways that sound like her.

Sorry for your loss, as well. It must have been quite unnerving to lose a sister. My mother was almost 98 years old, so we knew it was time.

 

[RustyShackleford]

Sorry for your loss, as well. It must have been quite unnerving to lose a sister. My mother was almost 98 years old, so we knew it was time.

Thanks. But I meant my sister was the executor (not my brother).
I'm talking about my mother too, and she was 88yo. had an awesome
life, and far far outlived any of my other parents or grandparents.