The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: 1099 in October||Date: 10/12/2013 4:37 PM|
|Author: TMFPMarti||Number: 119290 of 123001|
I just received a corrected 1099 for 2012!
Congratulations! That's the latest one I've heard of.
It changed approximately $43 of Covanta Holding (CVA) distributions from return of capital to qualified dividend. This means I owe about $6 more in taxes. Is there any limitation on how late a corrected 1099 can be issued?
Evidently not. There's bound to be a date beyond which the IRS doesn't care, but I have no idea what date that is.
Aren't companies and brokers supposed to report this information in a timely manner?
Yes. There's even a penalty imposed on them if they don't. I also hear there are unicorn races this weekend.
Since it is obviously well past the April 15 deadline; what are the rules on when I need to file an amended return and how do I avoid penalties?
There's no specified time period after you