Message Font: Serif | Sans-Serif
 
No. of Recommendations: 2
My last 1099 will be available Friday so I planned to work on my tax return over the weekend. Oops! Due to the delay of the government shutdown Free Fillable Forms will not be available until January 31.

So as I read it, IRS is playing favorites. Tax pros and software companies can start inputting data early and have everything ready to transmit to IRS on January 31. Those of us with enough smarts to fill out our own forms, and who prefer not to support the professionals, can't even start until January 31. Another black mark on the IRS.
Print the post Back To Top
No. of Recommendations: 27
Those of us with enough smarts to fill out our own forms

Some of us are more than smart enough to fill out a form but choose to use a software program anyway.

PSU
Print the post Back To Top
No. of Recommendations: 3
So as I read it, IRS is playing favorites. Tax pros and software companies can start inputting data early and have everything ready to transmit to IRS on January 31. Those of us with enough smarts to fill out our own forms, and who prefer not to support the professionals, can't even start until January 31. Another black mark on the IRS.
===============================
Will you even have your 1099s by Jan. 31? Most brokerage firms have until Feb. 15 to send them out, again this year.

Bill
Print the post Back To Top
No. of Recommendations: 0
Most brokerage firms have until Feb. 15 to send them out, again this year.

Providing the brokerage doesn't receive an extension or corrected forms being issued into March and sometimes later.
Print the post Back To Top
No. of Recommendations: 8
Most brokerage firms have until Feb. 15 to send them out, again this year.
...
Providing the brokerage doesn't receive an extension or corrected forms being issued into March and sometimes later.


Shhh. You are interfering with his "right" to rant against the gov't by applying logic.

IP
Print the post Back To Top
No. of Recommendations: 1
Will you even have your 1099s by Jan. 31?

Unless there's withholding, in which case you've been naughty, who needs a 1099? I'd suspect that most people are like me, with vanilla investment portfolios in which all is settled on 12/31. What with online access, you don't even have to wait for a statement.

Phil
Rule Your Retirement Home Fool
Print the post Back To Top
No. of Recommendations: 0
Unless there's withholding, in which case you've been naughty, who needs a 1099? I'd suspect that most people are like me, with vanilla investment portfolios in which all is settled on 12/31. What with online access, you don't even have to wait for a statement.
==========================
Well, my investment life is mostly vanilla, with a few chocolate chips thrown in. Certainly not tutti-frutti, either, but I do need the composite 1099 statements, for me, my wife, and my father.

Both Schwab and Fidelity have a poor notion of what are qualified dividends, especially from foreign corps, and mutual funds, even on the original 1099s.

And for my bond investments, I generally have an adjustment to capital gains vs. interest income for market discount realized on bond sales/maturities.

And in spite of these arduous challenges (J/K) I can still manage to plan close enough to not have a large balance due or overpayment, so I'm not in a hurry to file early. Ever. Besides, working in a CPA firm gives me enough real work to keep me busy.

Bill
Print the post Back To Top
No. of Recommendations: 0
Unless there's withholding, in which case you've been naughty, who needs a 1099? I'd suspect that most people are like me, with vanilla investment portfolios in which all is settled on 12/31. What with online access, you don't even have to wait for a statement.

Phil


True if it is backup withholding, but there are other reasons to have withholding on a 1099. My husband is receiving small distributions from a 409A plan. There is federal withholding on those distributions.

"Vanilla" is really limited. I won't receive any K-1s this year, but did inherit a couple out of state muni bonds. There is some private activity interest reported. Is it constant each year? Probably, but I am not certain. The 1099s previous received looked reasonable, but the administrator folded without correcting bad 1099s that were issued for several years. Fortunately, their problems didn't appear to cause me or my father problems.
Print the post Back To Top
No. of Recommendations: 2
Unless there's withholding, in which case you've been naughty, who needs a 1099?

If you invest in REITs, you need the allocation of dividends to qualifying, non-qualifying, return of capital, capital gains and unrecaptured Sec. 1250 gains. If you invest in precious metal ETFs (such as GLD or SLV) you need the supplemental data for the monthly asset sales and management expenses.

It's getting more and more difficult to get a return completed early (independent of Congress-induced IRS delays).

Ura
Print the post Back To Top
No. of Recommendations: 0
My last 1099 will be available Friday so I planned to work on my tax return over the weekend. Oops! Due to the delay of the government shutdown Free Fillable Forms will not be available until January 31.

...can't even start until January 31.


Yes you can. Started and almost done and for free ! TaxACT http://www.taxact.com/index.asp?

George
Print the post Back To Top
No. of Recommendations: 8
Some of us are more than smart enough to fill out a form but choose to use a software program anyway.

If we're going to get all super-snooty, some of us with the smarts to fill out a form are also smart enough to pay safe harbor and not a penny more and owe as much as possible on their return without triggering a penalty and therefore don't want to file until as late as possible.

-synchronicity, more tax-ier than thou. Not taxi-er. You talkin' to me?

PS- yes, I know that interest on said funds is likely not even enough to buy a pizza
PPS- although I'd probably make my own pizza, but that's for the LBYM board
PPPS- or the recipe board
PPPPS- I wonder if Snippee (who used to do tax stuff [seasonally, for HRB, IIRC] but may not now that she's moved) reads this board?
Print the post Back To Top
No. of Recommendations: 0
If we're going to get all super-snooty, some of us with the smarts to fill out a form are also smart enough to pay safe harbor and not a penny more and owe as much as possible on their return without triggering a penalty and therefore don't want to file until as late as possible.

Technology to the rescue. No matter when you file, you don't have to pay until April 15. You can file when you have the return ready and schedule the payment for the last date.

Of course, if you want the mail float on the payment then you could still mail the payment with the 1040 V, but then you have to remember to mail it.

Phil
Rule Your Retirement Home Fool
Print the post Back To Top
No. of Recommendations: 1
If you're really eager, you can always just grab PDF copies of the forms and fill them out by hand. That should make completing things with the Free Fillable Forms that much faster.

And as to your main issue, it's even worse than you know. Tax pros can transmit returns to their software companies now. The companies will hold the returns and send them as soon as the IRS opens the flood gates.

And before the Jan 31 start, the IRS will ask the software companies to send a few (or a few thousand) returns through to do a final test of their systems. Those lucky returns will get processed before Jan 31. However, their refunds will still wait until the beginning of Feb, although they should be at the front of the line.

--Peter
Print the post Back To Top
No. of Recommendations: 0
If we're going to get all super-snooty, some of us with the smarts to fill out a form are also smart enough to pay safe harbor and not a penny more and owe as much as possible on their return without triggering a penalty and therefore don't want to file until as late as possible.

Need a tissue?

PSU
Print the post Back To Top
No. of Recommendations: 1
Need a tissue?

No thanks, I've bought plenty with the interest I earn on money I owe on returns when I file them.

-synchronicity

PS- actually, I'm getting a big refund because I didn't realize that my escrow company would pay the property taxes in December of this year instead of January of next year.

PPS- you say anything about the irony and I'll use my refund to hire a large man to bust your kneecaps
Print the post Back To Top
No. of Recommendations: 7
PS- actually, I'm getting a big refund because I didn't realize that my escrow company would pay the property taxes in December of this year instead of January of next year.

I heard a spreadsheet screaming in my dreams.

PSU
Print the post Back To Top
No. of Recommendations: 0
If we're going to get all super-snooty, some of us with the smarts to fill out a form are also smart enough to pay safe harbor and not a penny more and owe as much as possible on their return without triggering a penalty and therefore don't want to file until as late as possible.

I don't know about not a penny more. I made certain we met the safe harbor based on last years income tax. Because of a one time event, we will still owe into 5 figures. I am starting our taxes because they will be complicated, but there is definitely no desire to file early.
Print the post Back To Top
No. of Recommendations: 0
No matter when you file, you don't have to pay until April 15. You can file when you have the return ready and schedule the payment for the last date.

Thank you for confirming, I thought that was true.
Print the post Back To Top
Advertisement