Annoyed at Vanguard for late 1099-B

[Earl E Retyre]

I thought that all financial institutions had to provide 1099-B's by 2/17 and I did not realize I was missing one. I already filed my taxes via Turbo Tax and today I receive a 1099-B from Vanguard.

I just went into Turbo Tax Amend software and it is fairly easy to amend a return. However, they do not allow you to e-file an amendment so now I need to write a manual check and mail by envelope. Let me know if you think I am doing something wrong.

Has anyone had to go through this annoyance?

 

[GrayHare]

The easy solution is to not file so soon.

 

[LOL!]

I predict you will be more annoyed when you get a corrected 1099 in a few weeks.

I just don't understand why every year everyone is in such a rush to file their tax return. Even if a big refund is coming, there are ways to get the refund before filing for many folks.

BTW, many people are complaining about not getting 1099s whether from Fidelity, TDAmeritrade, Vanguard, Schwab, Scottrade, ETrade and so on. It seems that many of the simple 1099s were sent on time, but ones with some foreign funds, some muni bonds, some REITs, and other "exotic" investments or trades are delayed.

Perhaps folks can tell me in this thread why they are in such a hurry to mess up their tax returns and have to file amended returns?

 

[yakers]

My last1099 came in from WellsFargo, VG was on time for me. WF said they had SEC permission for delayed delivery but they don't have MY permission. No problem on taxes as I ran turbo tax and owe money this year so I will delay filing to April.

 

[MRG]

Just my humble opinion from seeing some of this from the other side. Your being disappointed or ticked is normal. I'd make sure they knew you were disappointed, mainly to ensure something wasn't lost.

The IRS gives the new requirements to the funds, brokerages very late(then changes midway through). All the people that work on tax reporting for Vanguard, Fidelity..... have been working long hours and probably have been and will be for months.

The dates seem to expand as the data providers for taxes predictibly run late. I was involved in one of those s...storms years ago. I made sure I wasn't seen as an above average programmer, only project I remember intentionally ducking. You didn't want to get good at that job.

 

[Al in Ohio]

I thought the law was to have them in your hands by 31st of January each year.


Sent from my iPad using Early Retirement Forum

 

[braumeister]

The brokerages are allowed to request an extension, and often do.
Fidelity has promised to get mine to me by March 14, and they probably will.

I much prefer it this way, since I've been caught by corrected forms in the past and found it a real hassle.

 

[MBAustin]

The brokerages are allowed to request an extension, and often do.
Fidelity has promised to get mine to me by March 14, and they probably will.

I much prefer it this way, since I've been caught by corrected forms in the past and found it a real hassle.

+1 on the corrected forms hassle.

It's been in the news that the IRS is severely understaffed due to budget cuts so there is probably little hope for them to have the bandwidth to work with the financial firms to fix this mess.

 

[Alan]

The Vanguard site, under tax forms, said they would send an email when all of our forms were ready and that email arrived on the 25th. I had been looking in the tax form section from time to time and saw that the forms for the MF's had been ready since end of January, but it took until the 24th until the forms for the ETFs appeared. (VG Brokerage)

 

[audreyh1]

I predict you will be more annoyed when you get a corrected 1099 in a few weeks.

I just don't understand why every year everyone is in such a rush to file their tax return. Even if a big refund is coming, there are ways to get the refund before filing for many folks.

BTW, many people are complaining about not getting 1099s whether from Fidelity, TDAmeritrade, Vanguard, Schwab, Scottrade, ETrade and so on. It seems that many of the simple 1099s were sent on time, but ones with some foreign funds, some muni bonds, some REITs, and other "exotic" investments or trades are delayed.

Perhaps folks can tell me in this thread why they are in such a hurry to mess up their tax returns and have to file amended returns?

This year people are worried about a fraudulent filer filing their fake return first.

Even I am a bit anxious to see if someone has already filed in our stead and we'll probably file much earlier than we usually do.

Fortunately we haven't had an amended return in quite a few years. We don't own any complicated assets.

Wow - ETFs are causing the delays? Dang!

 

[meierlde]

This year people are worried about a fraudulent filer filing their fake return first.

Even I am a bit anxious to see if someone has already filed in our stead and we'll probably file much earlier than we usually do.

Fortunately we haven't had an amended return in quite a few years. We don't own any complicated assets.

Wow - ETFs are causing the delays? Dang!

Actually it is any brokerage asset. Vanguard Said in their tax center post (at the top) that 1099s from the brokerage side would be available mid to late feb, and mine appeared the 25 all be it 10 days later than last year).
Other brokerages do the same and are all delaying until late Feb.
Now if you held some MLP's in your portfolio you would have to wait till after April 15 as K-1s are not due till April 15. Note that the IRS requires the 1099s to be filed with it on March 2 along with W-2s to the government.

 

[nash031]

The 1099 I got today was a consolidated 1099. I had the actual 1099s a few weeks ago. The consolidated doesn't tell you anything new, just a one-shot copy from all your accounts.

 

[Sunset]

Time for the IRS to insist we all get tax pin numbers, and stop this silliness of only trying them out in a few States, leaving the rest of us to dangle like hack-bait.

 

[Al in Ohio]

I used to always file just before April 15 filing deadline just because I wanted to hold onto my money til the bitter end.

Now with rampant tax fraud, I file in February. They say the earlier you file now, the more likely you prevent being a fraud victim and all the hassle the goes with it.


Sent from my iPad using Early Retirement Forum

 

[audreyh1]

I used to always file just before April 15 filing deadline just because I wanted to hold onto my money til the bitter end.

Now with rampant tax fraud, I file in February. They say the earlier you file now, the more likely you prevent being a fraud victim and all the hassle the goes with it.


Sent from my iPad using Early Retirement Forum

You don't have to pay when you file.

We have an EFTPS account. No matter how early we file, the payment is scheduled for April 15.

 

[2B]

I thought that all financial institutions had to provide 1099-B's by 2/17 and I did not realize I was missing one. I already filed my taxes via Turbo Tax and today I receive a 1099-B from Vanguard.

Has anyone had to go through this annoyance?

I'll be blunt but I'm not intending to be ugly.

It was very clear on the Vanguard site what forms were and were not available. They clearly listed when they expected them to be available. You filed your taxes without the brokerage information that you should also have been aware was missing.

You need to have a reasonable overview of your holdings, trades, interest and dividends. It sounds like you decided when all the forms should be there, downloaded what you could find and submitted your taxes without a thorough review. You need to be more careful in the future or you'll be doing this on a regular basis.

 

[jebmke]

Seems like an easy solution is to move the filing date for everyone until late in the year. By then, all forms are available to the taxpayer and the IRS. They can do real time matching. When I lived in Belgium, my tax filings weren't due until January of the following year. So 2014 tax filings would be due in January 2016. What's not to like?

 

[Mulligan]

This year people are worried about a fraudulent filer filing their fake return first.

Even I am a bit anxious to see if someone has already filed in our stead and we'll probably file much earlier than we usually do.

Fortunately we haven't had an amended return in quite a few years. We don't own any complicated assets.

Wow - ETFs are causing the delays? Dang!

That was why I was so eager to file. I saw my forms came out late Tuesday night so I filed Wednesday. Turbo still wasn't able to sync it, so I just plugged them in manually. No wonder thieves like tax return money. I had my state money in my bank account 36 hours after filing.


Sent from my iPad using Tapatalk

 

[Midpack]

After TurboTax reported Vanguard was projecting [-]2/18[/-], then [-]2/24[/-], then [-]2/27[/-] - I just entered my data manually yesterday. We owe both Fed & State, but not enough for penalties, so another successful tax planning year. They'll both get their money mid April...

 

[MichaelB]

Did Vanguard ever commit to a specific date? My recollection is they first wrote "mid-February", then changed that to "late February". The 02/18 date was the IRS deadline.

 

[pb4uski]

Am I wrong, but if my tax payments for 2014 are about equal to my tax liability and I file on-time, even if a fraudster filed a fake return ahead of me and got a refund, isn't that the federal or state government's problem? I realize that there will be a certain hassle reporting the fraud and having them accept my true return, but at the end of the day the economic loss is theirs and not mine, right?

 

[FIYes]

The economic loss from a fraudulent tax return may end up not being yours, but the hassle will most definitely be yours. That is why I wanted to file early, but I still don't have all my forms. This is not just a Vanguard issue. I am still waiting on a form from another company.

A friend of mine was caught in the fraudulent tax return hassle last year and I want to avoid that if I can.


Sent from my iPad using Early Retirement Forum

 

[2B]

Am I wrong, but if my tax payments for 2014 are about equal to my tax liability and I file on-time, even if a fraudster filed a fake return ahead of me and got a refund, isn't that the federal or state government's problem? I realize that there will be a certain hassle reporting the fraud and having them accept my true return, but at the end of the day the economic loss is theirs and not mine, right?

Technically, yes. You do realize you are dealing with an organization that can seize your assets unilaterally; and when they do, you are forced to deal with their organization until all internal relief is exhausted? Only then can you go to the federal courts where the judge can have his assets unilaterally seized.....

 

[Midpack]

Am I wrong, but if my tax payments for 2014 are about equal to my tax liability and I file on-time, even if a fraudster filed a fake return ahead of me and got a refund, isn't that the federal or state government's problem? I realize that there will be a certain hassle reporting the fraud and having them accept my true return, but at the end of the day the economic loss is theirs and not mine, right?

Other than the macro sense where you're a taxpayer...so "we" pay ultimately.

 

[grasshopper]

My 1099b was available to download into TT about 1 hour ago, taxes done. Went over my always hopeful effective tax rate of 1% at 1.04%. Time for a beer.