Greetings from The Last Frontier

[DenaliBandit]

I live in Alaska. With global warming I’m concerned that my igloo will melt and I will be homeless. Thankfully I’m already retired and the mortgage on my igloo is paid off.

But seriously, I wanted to ask if anyone has had problems with Fidelity, particularly with respect to errors on their 1099’s. This may not be the right forum for my issue but I thought I would ask and maybe be guided to the appropriate forum.

A few years ago I questioned why the basis of my shares had decreased. Fidelity said it was because I had wash sales, and not just wash sales, but rolling wash sales. I said I didn’t have any wash sales, but if I did have wash sales why wasn’t it recorded in my monthly statement and on the 1099. The Fidelity rep didn’t know why the wash sales weren’t recorded but I did have wash sales. I talked to the guy’s supervisor and he also said I had wash sales. It turned out the decrease in the basis was due to non-dividend distributions. I realized my 1099 was missing a couple of pages. When I got the replacement pages I saw there were non-dividend distributions in that stock. I have no idea why Fidelity thought I had wash sales.

In 2020 I did have some wash sales. In 2021 I sold all of the shares of that stock so the disallowed losses in 2020 should have been applied to the basis of shares I sold in 2021, but that didn’t happen. I sent my advisor a message asking about recovery of the disallowed losses but. He hasn’t responded so far.

There have been other things that happened that make me wonder about Fidelity’s trustworthiness. Anyone else have any problems Fidelity along those lines?

[Helen]

Hello, welcome to the forum. I was just reading a thread that talked about that issue:

https://www.early-retirement.org/for...ml#post2750763

I hope you stick around.

[DenaliBandit]

Quote:

Originally Posted by Helen Hello, welcome to the forum. I was just reading a thread that talked about that issue: https://www.early-retirement.org/for...ml#post2750763 I hope you stick around.

Thank you Helen. I see I'm not the only one with problems with Fidelity. I've had an account with Fidelity for about 27 years. The problems, at least those that I found, started about 3 years ago. I understand mistakes are made but I don't understand Fidelity's reluctance to admit a mistake was made and fix it. I've submitted my income tax return several times in the past few years with a note to the IRS that I did not agree with Fidelity about something as reported on the Fidelity 1099, that my tax return as submitted was different than what Fidelity stated on the 1099, and I attached the appropriate paperwork to support my position. The IRS has never responded back to me about the changes I made.

[Out-to-Lunch]

Welcome to E-R.org!