Just a single institution. If 26 out of 27 of my reporting institutions can report timely, I suspect the odd one out can do so as well . . . . beneath better management.
Twenty-six institutions that report 1099 data to me did so timely and elicited from me no comment whatsoever, other than praise. A single credit union is holding out until the final allowed day.
Is that annoying? It surely is because it delays my ability to file. Is that one credit union odd man out? From where I sit it certainly is.
And I apologize for my attempt to offer you a helping hand. Please rest assured I will not err again in that regard. You need have no concern whatsoever going forward.
The point is, most people consider “within the time allowed” to be timely. Someone had to be the last one received, and being so doesnt inherently make them deficient. You might as well be complaining that all 27 of your institutions didnt produce your 1099s on January 2, which is when they all had the necessary information to do so.
I disagree and I do not think that is fair at all. Of course I would never expect such a thing.
Heck, I would have been happy to have my all 1099’s a week ago. And I very nearly did. But leaving issuance of 1099s until the absolute last moment is not a good thing. It is a poor way to manage a business, or most anything else for that matter.
Smart management is planning for a bit of cushion, on chance something might go awry. Twenty-six of my reportees, much to their credit, did that.
You want annoying and late, try the Commonwealth of Virginia. Our legislature still hasn’t finalized our tax code for this year. Yes, filing season has begun, but the state department of taxation can’t process a single return yet.
Operative word there is “was”. That credit union I mentioned up thread finally released members’ 1099s. Saw mine this morning for first time; it is five pages long and well beyond what I was anticipating. Hope for a refund now is pretty much up in smoke.
The one remaining thin reed of hope is Trump’s tax cuts. Really dunno yet the impact of those. Break even? I dunno.
Worst outcome of all for me personally is unrelated to income tax per se. That final 1099 blew me through an IMRAA boundary. Those familiar with the IRMAA know what that means.
Sure. That’s a fair point. But as already stated, I now realize hope I might have had for a refund has pretty much evaporated. Most likely it was false hope to begin with.
Why not get with the times and stop using the excuse of being an old person? There’s absolutely no reason to stick to your old habits when there are far more efficient ways to do things. You’re maintaining your old ways just to maintain your old ways. Makes zero sense.
This is coming from a helpful perspective and not a negative one, so you’re aware. It’s a huge waste of time to do manual forms these days. And, given you’re old (your words), you don’t have a lot of time to spare. I know that is super grim, but it’s true. Wouldn’t you want to spend your remaining time NOT doing taxes?
I’m sometimes annoyed as well at institutions leaving it to the last minute to send trivial forms. Especially 1099INT. I mean my end of December statement or online account info has the amount of interest I received over the year so it should not be very lengthy to calculate, find out if any taxes were withheld from it, and make it available.
That said, the IRS only started accepting returns on 1/28 and some state tax forms are not all final at that point. So having those 1099INT/DIV forms way ahead of that date does nothing but leaves more time to fill the forms in my tax software.
By now I’ve gotten all my forms, I filled the forms on both CK and TT Online (free until you file with them which I won’t) and will be e-filing over the weekend (once DH checks my numbers).
A long time ago in a different century, I used to do my taxes manually too (not even using fillable forms!). But considering the minimal cost ($0-10 in each of the previous last 15 years) to do my taxes with software vs. manually, it’s hard to justify the extra time to do them manually now. The first 3 years I remember doing them both manually and through software. 2 of the years, I ended up with the same numbers, the 3rd year, I had actually missed a deduction in my manual filing. I never looked back after that. But I don’t fully trust any ONE piece of software so each year I do my tax preparation via two different ones. Only if I find discrepancies between them, then do I dig into the actual forms to find out why.
I’m confused. A 1099 is a standard design half-page form. Brokers use consolidated 1099s that contain a lot of other information, but what could you possibly have at a credit union that would result in a 5 page long form, let alone with amounts you were not expecting?
Hello everybody,
I purchased TT/Premier CD. In prior years, I was able to have TT automatically download and handle 1099-DIV, and other bank/brokerage reports. This year, the software is asking me for an Intuit account, which I prefer not to have to create. Is there a way to circumvent this Intuit account other than manually entering all the info?
–TIA
I find your question reasonable because I, too, have never before received a 1099 that long. I guess the previous record holder was from Ally bank. Ally bank loves to stretch data out over as many pages as possible.
But, anyway, yeah, it went five pages . . . and that is not including several annoying “information” pages, you know, the ones everyone ignores.
I just had a lot going on at that credit union in 2018, most of which I had forgotten about. Not that I tried, but after finally receiving the long 1099 my instinct not even to try coming up with the outcome on my own was surely confirmed. I had no chance.
And finally, in accord with your thinking, virtually all of my other 1099s (not Ally) were one or two pages. That is certainly the norm.
With the federal governmental uncertainty, risk of fraud, and expectation of a large refund*, I am tempted to file my returns ASAP (i.e. now). Any counterargument for waiting a bit?
Wow!! All the 1099 interest sheets are coming in daily. Sure glad we have farming losses to offset those gains. Is there anyway to make a profit in these times? Maybe a small refund from IRS??
