OT: Broker 1099s not out?

Hi, John.

Edward Jones' January statement included this notice:

"The IRS deadline for mailing 1099s is now Feb. 15. "The IRS has changed its deadline for mailing Consolidated 1099 Tax Statements from Jan. 31 to Feb. 15. While we expect to mail most

1099s by Jan. 31, we will not be able to issue some 1099s until mid-to late February."

Since February 15 is Presidents' Day, they may get one more day.

RC

Too many years of Merrill Lynch issuing "corrected" 1099's has made me set my tax appointment for late March. Ironically, THIS YEAR, Merill included with the 1099 a statement along the lines of "If you own mutual funds, we will probably be issuing a corrected statement, and we urge those of you with mutual funds to not file early". At least they admitted it this time!

Aha! So I'm not alone. I'll give it another week or two before getting concerned. It did seem to be a pattern (of three).

Thanks!

Fidelity just notified me that they got permission from the IRS to delay sending the 1099 until March 1. They did send them for my IRA accounts but not my for profit stock account.

And Schwab continues the same practice as well, again this year.

My Schwab 1099s were online for download on 2/8.

Yep, mine are out there as of 2/8 as well. Thanks = still won't start until

1 March anyway. - There website does explain why some are mailed / prepared after 1/31/2010:

Who would be affected by the 1099 Composite in mid-February? If you own certain mutual funds, Real Estate Investment Trusts (REITs), foreign equities, domestic equities, Unit Investment Trusts (UITs), Original Issue Discount (OID), or Widely Held Fixed Income Trusts (WHFITs), you will be delivered Form 1099 Composite in mid February. Schwab is taking this action to reduce the number of corrected reports that you could receive as some issuers may be unable to provide tax information to Schwab in time for January mailing.

Because they don't get the correct(ed) breakdown on qualified vs. ordinary dividends from the funds till later.

I was just able to download the PDFs of mine today (Feb 25); the real one hasn't come in the mail yet.

Still, I'd rather it be right and a bit late, rather than getting one and then two more "corrected" ones like last year.

Wouldn't one think with big computers they could make a batch run on 2 January (I'm generous and giving them the first of the year off as a holiday) of each year and get this right? Sigh....

(Bring back the mainframes...too many FIs using dinky computers.)

"Andrew" wrote in news:4b87d28e$0$4976$ snipped-for-privacy@cv.net:

I happen to work for one of the big brokerages in the tax reporting shop and we do indeed run our tax reports on an IBM Z/10. (and there is absolutely no plan to move to any other platform).

The reason we don't run the jobs on 2 January is because the IRS and SEC regs aren't finalized until the end of January. In prior years we generated one set of forms by 31 January, than after the regs were finalized we had to issue amended forms.

The various brokerages convinced the feds to delay the date until February so we could avoid this extra work. And BTW our IT folks haven't had a day off since 1 January.

Thanks Porter - I hope I haven't hit too much of a nerve - it was somewhat tongue in cheek. I was frustrated a few years ago when I too did all my taxes in mid February and got hit with a couple of 'amended' 1099s. Now I wait until at least early March.

Nice to hear about the IBM z10 you have - nice machine. Enough said about that mainframe.

"Andrew" wrote in news:4b89b706$0$22519$ snipped-for-privacy@cv.net:

There have been several attempts over the years to replace our "obsolete" mainframes with "state of the art" technology. All have failed, usually before too much money was spent, I expecially liked the prototype that had our nightly batch jobstream taking 29 hours. Then there was the scheme that had us adding an additional Wintel server every 90 days.

Nope. As long as companies have a need for high volume processing with near 100% reliability, the mainframes will stay.

BTW most of our web sites are hosted by another z/10 running VM with dozens of Linux guests. About the only thing we use Wintel servers for is Outlook.

re/"BTW most of our web sites are hosted by another z/10 running VM with dozens of Linux guests." - you don't know how happy that makes me!

You can start with the first 1099, but be prepared for later corrected 1099. So before printing and mailing, check your broker's web site. I once mailed my tax only to receive a correction in the mail the next day. The change of some dividends from non-qualified to qualified would have saved me $15. I did not re-file with the correction. Had I checked the broker's website, the correction would have already been there before the final printout.

I don't blame the broker. They are dependent on others to gather the data so they can aggregate it. I now hold off until about April 10 prepared to amend numbers and print.

Geez... The paper copy just came in the mail today.

Good thing I'm not in a hurry.