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I came here to ask the same question someone already asked and the answer is Feb. 15th, or possibly as late as the 28th about receiving 1099 forms.

I thought all financial institutions were required to have all their 1099 forms in the mail by January 31 every year.
We are missing one 1099 form each from Merrill Lynch and Fidelity, both happen to be accounts where items were sold in 2012.

My question is did brokerages always have until Feb. 15 or did the lateness of the new tax law passed by Congress on New Year's Day cause the delay to Feb. 15 and this date is in effect for 2012 tax reporting only?


Thanks,
Carolyn
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My question is did brokerages always have until Feb. 15 or did the lateness of the new tax law passed by Congress on New Year's Day cause the delay to Feb. 15 and this date is in effect for 2012 tax reporting only?

Neither. The change to February 15 took effect for tax year 2009.

Ira
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Thanks Ira.
Okay, so brokerages will always have until Feb. 15 and banks still need to get their 1099s in the mail by Jan. 31?

Is that how the tax laws stand now on the 1099s?

Carolyn
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Okay, so brokerages will always have until Feb. 15 and banks still need to get their 1099s in the mail by Jan. 31?

Is that how the tax laws stand now on the 1099s?


Sort of. The full details of distribution deadlines for 1099 series forms can be found in General Instructions for
Certain Information Returns, http://www.irs.gov/pub/irs-pdf/i1099gi.pdf. The mid-February deadline applies to 1099-B, but not 1099-INT or 1099-DIV. However, if a reporting entity issues a consolidated 1099 (1099-INY, 1099-DIV, 1099-B, etc., in one document) it must distribute statements by the later deadline.

Ira
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I thought all financial institutions were required to have all their 1099 forms in the mail by January 31 every year.

I had a life insurance policy in a mutual life insurance company. They typically send out a dividend each year if their claims experience is better than expected. I do not know if they got an exemption every year or not, but often I did not get a 1099-Div or 1099-Int from them until early April. Once I did not get one until after April 15. The amount of the dividend was small (policy was only for $10,000). I sometimes forgot about it and filed my tax return without it. The IRS never questioned me about it.

Since then, they demutualized it into two new corporations. One does not pay dividends and the other pays an even smaller one, and not every year. I have not gotten a 1099 from them yet, but I cannot remember if I got a dividend last year or not. Once in a while, I lose the check because it is so small, I forget to take it to the bank.

Then there is my state that should send me a 1099G each year that I get an income tax (or is it property tax (we have both) refund). But they no longer send it. I have to remember to go to their web site, remember my damned password, and get it on-line. They are too cheap to even e-mail it to me.
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It's been many years since I owned whole life insurance, but my recollection is the dividends were considered return of premium and not taxed. In my case the dividends were less than the annual premium and were applied to reduce the amount I had to pay each year so I never saw any cash. I cashed those policies in long before demutualization.

I now hold 42 shares in MetLife as a result of demutualization. These are shares I inherited from my mother, who had a couple small policies. I do get a dividend check each year and the accompanying statement also serves as their 1099. Through 2012 they paid a single dividend in December. Beginning in 2013 they are going to pay quarterly so I don't know what their 1099 policy will be. I do know they are going to waste a lot of shareholder money sending very small checks out. Many small shareholders like me left their shares in trust with the company, which is why they send individual checks. Maybe they'll offer to transfer the shares to my broker without fee. That would be acceptable to me.
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Then there is my state that should send me a 1099G each year that I get an income tax (or is it property tax (we have both) refund).

Property tax is normally collected by the county and not the state.

Unless the state corrected/changed your return, the state income tax return amount should be the amount on last year's state income tax return.
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Property tax is normally collected by the county and not the state.

Who said New Jersey ever did anything normally?

I may have mis-typed and confused you. Because I pay Federal Income Tax, State Income Tax, State Property Tax (that all goes to County Tax, Library Tax, District School Tax, Regional School Tax, Local Municipal Tax, Open Space Tax, and Muni Open Space. And I make my tax payment checks payable to the town in which I live, and they take care of it from there.

But the state gives rebates from property tax to some people, depending on lots of things. So it is easy to confuse me. Perhaps, since I deduct my state property tax and perhaps my state income tax from my federal forms, if I get a refund from it from the state, I have to include the amount of the refund (listed on the 1099-G) as income the next year, since I deducted it the previous year and the state later gave some of it back. But they do not send those 1099-G forms anymore.
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Who said New Jersey ever did anything normally?

Okay, I understand why it isn't that easy.

Only once have I ever had a property tax refund. It was because a "fee" was collected as part of the property taxes for several years. The state surpreme court ruled to be a "tax" and not a "fee", and therefore didn't have sufficient votes to have passed.
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