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PATAX
Level 12
January 22, 2022
Solved

Delayed form 1099s and amended form 1099s

  • January 22, 2022
  • 2 replies
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Just received this information in an email directly from broker, I think it applies to allof us: Delayed Form 1099s: In an effort to capture delayed data on original form 1099s,  the IRS allows us to extend the mailing date until March 15th 2022, for clients who hold particular Investments or who have had specific taxable events occur. Examples of delayed information include: income reallocation related to mutual funds (and so forth).(I think many clients have mutual funds) Also, Amended Form 1099s: Even after delaying your form 1099, please be aware that adjustments to your form 1099 are still possible. We are required by the IRS to produce an amended form 1099 if notice of such an investment is received after the original form 1099 has been produced. ( I noticed a lot of times the corrected form is basically immaterial, where a small figure has changed, usually concerning qualified dividends/capital gains )... another reason to wait a little bit before completing some returns ... Just my opinion...hope this helps

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Best answer by sjrcpa

Brokerage firms get that extra time every year.

2 replies

IRonMaN
Level 15
January 22, 2022

So they get mailed on 3/15.  It takes awhile to get to the client.  The client takes awhile to get it down to the preparer.  So the 1099s will be to us on 3/27 -------- perfectly aligning with the Intuit planned start date to tax season.  I guess the stars are all aligning for us.  The only problem is, Death Star seems to be the prominent star ----- twinkle, twinkle 🌠

Slava Ukraini!
sjrcpa
sjrcpaAnswer
Level 15
January 22, 2022

Brokerage firms get that extra time every year.

The more I know the more I don’t know.
PATAX
PATAXAuthor
Level 12
January 22, 2022

@sjrcpa yeah you are exactly right sjr... some clients get corrected forms every single year.. I'm used to it now,  and they get an extension so I don't have to play the amended/corrected return game... Just my opinion...