Message Font: Serif | Sans-Serif
 
No. of Recommendations: 4

While we're at it, why is it that, in this day and age, 1099's don't get done until 31 January? Most of our accounts have on-line end-of-year statements so I can pretty much figure out our tax, but I don't necessarily have everything in the proper boxes. Why aren't the 1099's ready on-line at the end of the first week of January? My taxes have been mostly ready to go for 2.5 weeks, just waiting on 2-3 more 1099's. (Had two financial aid deadlines for 1 February, so had to fill out the FAFSA and the CSS PROFILE, which is even worse.)


Completing 1099s isn't as simple as you might think. Getting "everything in the proper boxes" is the problem. Some dividends get reclassified because the corporation didn't have enough profit. Entities such as REITs have to determine how much of their distributions are dividend/capital gain/return of capital and they can't do that until their books are closed for the year. Mutual funds can't determine the character of their distributions until they get all of the information from the investments they held. And there are other issues that sometimes affect the generation of 1099s.

Ira
Print the post  

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement