The Motley Fool Discussion Boards

Previous Page

Financial Planning / Tax Strategies

URL:  http://boards.fool.com/why-arent-the-1099s-ready-on-line-at-the-end-of-29816266.aspx

Subject:  Re: OT: simplifying the tax code, etc. Date:  1/31/2012  2:54 PM
Author:  JeanDavid Number:  114805 of 121599

Why aren't the 1099's ready on-line at the end of the first week of January?

The same reason TurboTax, TaxAct, etc., are not ready on January 1. Sometimes congress does not get all the latest crap into the law until the last day of the year, the president does not sign it until a few days later, then the IRS gets the edit slips (they never write out a whole new tax law. It is all bull$hit like Page 144, column 2, verse three, line 2, change "should" to "may", etc. so you need the complete former law and the new crap to see what the current law really is. Then the poor IRS wage slaves have to turn that into the nearest thing to plain American English as they can, and that is limited because sometimes they cannot really understand what congress came up with.

So it really takes some years to get all the troubles through the courts, and into the interpretations of court decisions, before you can really understand what the law means. So sometimes they send you a 1099, and have to send you a revised one a month later, and then another revised revised one a coupla weeks after that.

But why worry. All the 1099s and stuff must be send out by January 31, now postponed to sometime in February, and I have companies that do not get that stuff to me until mid March. The hell with them. I wait until about March 15 to finish my input to my tax program, and that's that. Anything that comes in after I file goes into the garbage.

Starting on January 1, I put my information into my tax program (now TaxAct), having it pick up the data from the previous year's return. Then I get a 1099R from my former employer's pension plan, I have the real estate tax form from my state and can put that in. the others trickle in. I should get my saving's account statement, my CD 1099INT statement, and so on pretty soon. And the others trickle in until my deadline, when I file.
Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us