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Author: irasmilo Big gold star, 5000 posts 10+ Year Anniversary! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121563  
Subject: Re: Amended Tax Return Date: 4/22/2005 1:22 PM
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I filed my 2004 return in early April. Yesterday, I received an 1099-OID showing interest (block 2) of $2,000. The broker reports this is an additional form rather than a revision to the package sent in March. The form from the broker was dated 4/13 and the envelope was postmarked 4/15.

I have never filed an amended return but I guess I will have to. Right? I filed electronically using TurboTax, so what is the procedure for the change. And will I have to pay a penalty?


All amended returns must be filed on paper. Use Form 1040X and Schedule B and any other form/schedule that changes as a result of the new data.

Also, do I have a legitimate complaint about the broker's late notice?

No.

<i. They tell me they got the info from FannieMae late. The 1099 is for one bond I have held for a couple years. I have forty bonds with this broker and it never ocurred to me that I needed to check that I had 1099's for each bond. What is reasonable?

What's reasonable is for you to understand the tax implications of your investments. OID notices always come later than 1099-DIV and 1099-INT. Most seem to arrive in mid-March or later. Several of my clients received them just before 4/15 this year. Sometimes you just have to file an extension.

Ira

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