Receipt of 1099's

[Chief]

Have you noticed a unusual number of 1099's not received this year, especially 1099B's. I know the date has been delayed to 2-16 but this has not affected the 1099 int, dividend but the others are late.

[WhiteOleander]

If the brokerage company sends out combined stmts with Int, Div, and stock sales on one stmt, then they don't have to have the int and div out by the usual Jan 31st deadline.

They can still send them all on one combined stmt by Feb. 15th.

[JSLATER]

Fidelity receive an extension: "We are writing to inform you that Fidelity will mail your 2008 Tax Reporting Statement no later than February 28. Fidelity is taking this action to reduce the number of "corrected" tax statements that you could receive. Please note the following:

Fidelity is mailing selected tax statements in late February because certain third-party tax information will not be available in time to be included in the tax statements mailed by the new IRS February 15* deadline.
The third-party information includes data for certain non-Fidelity mutual funds, unit investment trusts, and real estate investment trusts.
Fidelity is able to mail your tax statements in late February because we received a mailing deadline extension from the Internal Revenue Service."

[taxmom34]

AIG has not sent out their 1099R's yet, i'm waiting for two clients to get theirs. when contacted their representative says , don't worry, it's coming!!

[AJsTax]

late 1099s

We have seen several that involve REIMCs and say that the information will not be available until March and the client should talk to their tax professional to consider if they need to file an extension in order to avoid having to file an amended return later. I called two brokers and they said, no the information is not in the computer yet.
I understand the problem of having 1099s marked not final, and having to redo returns for those that did not pay attention or received an amended 1099 late. It is a headache. ( as though we need more this year.)
So we are telling those clients that the REMIC is the problem and that we will have to wait until mid March to finish their return. "OH HORRORS!! they might be late!!! They can't do that.!!"
So yes, we have dealt with this problem several times in the last two weeks.

[JohnH]

I've seen some Vanguard statements, but that isn't to say they might not amend them. I'm telling anyone who had a statement from Fidelity last year that we need to wait a while - maybe even file an extension. Some clients won't understand, but that's just something beyond our control.