Fidelity tax documents delayed.

[SecondCor521]

It’s been many, many years since we’ve gotten blindsided by a corrected form. I even remember way back receiving one in the mail on April 15 one year! Of course that late forced filing a revised return, mailing in paper ugh.

FYI - It has been possible to e-file amended federal returns for a few years now.

 

[audreyh1]

FYI - It has been possible to e-file amended federal returns for a few years now.

That’s good to know.

 

[mrfeh]

This something Fido will be doing? We had FZDXX and a bit of SPAXX last year and it's in the account on which we are waiting for the statement.

Fidelity money market - government obligations for 2024

Looking at this PDF (https://institutional.fidelity.com/app/proxy/content?literatureURL=/842885.PDF), I get the following percentages for federal government obligations for these funds: FDLXX 99.63% FZFXX 50.56% SPAXX 54.63% Anybody want to check my work?

www.early-retirement.org

 

[RetMD21]

I just got my Vanguard 1099 yesterday. Family members with just funds and ETFs had theirs much sooner

 

[audreyh1]

My delayed Fidelity tax document is available today!

This is the one that they sent a email saying it might take until March 7.

Yes, it’s because of a particular brokered CD I had. JPMorgan which was called in 2024.

All our other account tax forms from Fidelity are ready including the big one with lots of different mutual funds. I’ve had delays before from external positions, but this seems odd as it’s just a CD, albeit called early. They must be waiting for something from JPMorgan.

I’d say it’s unusual from Fidelity unless you hold external securities such as other company mutual funds, in which case it’s not unusual.

We’ll just wait until after March 7 to do our taxes.

 

[SecretlyFI]

My delayed Fidelity tax document is available today!

This is the one that they sent a email saying it might take until March 7.

Same here. Logged in this morning and it's there. The email had said March 7 but online it said check back Feb 22 so I thought I'd try today and sure enough, it's there.

 

[audreyh1]

Same here. Logged in this morning and it's there. The email had said March 7 but online it said check back Feb 22 so I thought I'd try today and sure enough, it's there.

Yes, online it still said to check back on Feb 22 so I set a reminder to do so.

 

[TrvlBug]

Got 1 of 2 today. What I don't get is that the numbers in the statement did not change by even one penny. It's our slush account that contained the JP Morgan CD. The other one won't be available until 3/7.

On another note, we used to get Form5438 for the 3 IRAs with RMDs. They were not included with the tax docs this year. Did anyone else notice this omission?

 

[audreyh1]

Fidelity stopped posting the 5438 forms for our IRAs a few years ago. But we haven’t been making withdrawals.

 

[TrvlBug]

Fidelity stopped posting the 5438 forms for our IRAs a few years ago. But we haven’t been making withdrawals.

Yes, no forms for the IRAs w/o RMD withdrawals, but I always got them for our inherited IRAs as well as DH's where is is subject to RMDs.

 

[cathy63]

On another note, we used to get Form5438 for the 3 IRAs with RMDs. They were not included with the tax docs this year. Did anyone else notice this omission?

Form 5498? Fidelity is allowed to tell you about your RMDs on your Dec statement or by letter or by sending you a 5498. If they choose to use the statement or letter option, then they don't have to issue 5498s until May.

 

[MRG]

Anyone else experiencing delays in getting 2024 1099 tax reporting statement from Fidelity. We just received another email noting March 7th as available date now. Is this unusual or normal for Fidelity?

From the email:
IRS Deadline
We know that it can be inconvenient to receive your tax forms after the February 15 IRS deadline. The IRS extension allows us to send your tax forms later, which may reduce the possibility of tax form corrections or an amended filing.

This happens every few years depending on what assets and where they're held. I worked on it a couple times at Megacorp when it went paws up.

The IRS issues new regulations to the providers, early in the year. If you're a provider and have questions, they might not have staff there until late in the year. You need to make code changes to support new law or simple format changes and have no idea what they are asking for.

The other thing is big changes to the regulations. Seems like the year cost basis became required things were late.

 

[RetiredAndLovingIt]

Yes, I got the March 7 message. I'm not sweating it. After I had problems with other brokers years ago, I wait until April 1 to file. I try to not have a refund so there is no rush. I really got screwed one year by a late 1099 amendment. Never again will I file before April 1.

The Bogleheads are talking about this. Turns out I'm in the group that has a T-Bill with the CUSIP 912796CX5. We're all delayed. At least Fido is giving us a preliminary, so we can fill out our TurboTax and tweak it later.

The 912796CX5 thing is strange. Why would a T-Bill cause problems? More discussion on Bogleheads at: Funny Reason for Fidelity Tax Form Delay? - Bogleheadrg

The same thing happened last year with one that I had. This was the message I got and it had matured in July.

Your form is delayed because we’re waiting for information from UNITED STATES TREAS BILLS ZERO CPN(912797FR3). We'll email you as soon as this form is available.

 

[Al18]

Cathy63 has the right info concerning Form 5498. This missing form did not prevent me from filing with TT.

 

[audreyh1]

Cathy63 has the right info concerning Form 5498. This missing form did not prevent me from filing with TT.

I don’t need the form to file taxes, but Fidelity used to provide it and stopped at some point.

It does officially report what your end of year balance was and that is useful for calculating your RMD.

 

[Al18]

Fidelity will issue the form in May

 

[cathy63]

I don’t need the form to file taxes, but Fidelity used to provide it and stopped at some point.

It does officially report what your end of year balance was and that is useful for calculating your RMD.

They're still required to send it to the IRS even if they don't have to send it to you. If you login to your Fidelity account, do you see one for 2023? I don't have an IRA there, but I do see the ones for our HSAs.

 

[Beststash]

Got my last Fidelity 1099 today and filed. Glad that is done!

 

[audreyh1]

They're still required to send it to the IRS even if they don't have to send it to you. If you login to your Fidelity account, do you see one for 2023? I don't have an IRA there, but I do see the ones for our HSAs.

No. Seems like they stopped posting those after 2021. And even then it was for only one of my two IRAs at Fidelity.

Definitely see them for our HSAs each year.

 

[2HOTinPHX]

OP here, good news as some mentioned docs received earlier than advised in original post. No notice was sent out. Wifey just happened to check the account the docs showed up yesterday.

 

[TrvlBug]

Form 5498? Fidelity is allowed to tell you about your RMDs on your Dec statement or by letter or by sending you a 5498. If they choose to use the statement or letter option, then they don't have to issue 5498s until May.

I was just curious because until the 2024 tax year, I received the 5498s for all of IRAs where we were taking RMDs...the 2 inherited and DH's IRA. I also received the form for my IRA in past years and can't remember when they stopped sending them for IRA's without RMDs. It was no problem getting the values from the year end statement.

 

[Alex The Great]

I also got the consolidated 1099 form from Fidelity and finished taxes. Years before, everything were ready by Feb 20th. This year, it is Feb 22nd. Things are going downhill.

 

[thod]

I had some Fidelity documents delayed this year, but I could click on the 1099 notice and it actually told me what they were waiting for. It was a couple of REIT stocks that were causing the delay. Perhaps you could try to drill in deeper in the notice to figure out what they are waiting on.

However, I did get the impression that things were dumped in 'buckets' and if you had something delayed to a later date/bucket, it was because something you owned/or traded in was being waited on.

 

[audreyh1]

I also got the consolidated 1099 form from Fidelity and finished taxes. Years before, everything were ready by Feb 20th. This year, it is Feb 22nd. Things are going downhill.

Over several years a two day difference doesn’t seem like much. And it appears that Fidelity releases some tax docs on Saturdays, so it could just be a calendar difference.

Regardless for us recent years has meant tax documents released earlier which is much appreciated. I’ve also gotten rid of a couple of funds that were often the culprits for delayed tax forms.

 

[audreyh1]

That last 1099 from Fidelity has a very odd entry. I had two brokered CDs mature in 2024. And for some reason one of them is listed under “Brokered Barters and Exchanges” like it was a bought and sold security, so it ends up listed on Schedule D. The other CD is not. The sale lists the same proceeds as cost basis, so there is no realized gain and it doesn’t mess up the taxes or reported income, but it is so weird. It shouldn’t be there. This information was dutifully downloaded from Fidelity into TT and listed under info reported to IRS, so I think we have to leave it as is.

I’m hoping that we don’t have some revised 1099 later for this account making that info disappear, but again there is no impact on the taxes. So probably doesn’t matter. I’m not waiting around for it.