Delayed form 1099s and amended form 1099s

[PATAX]

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

[IRonMaN]

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 🌠

[sjrcpa · Accepted solution]

Brokerage firms get that extra time every year.

[PATAX]

@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...

[qbteachmt]

Also, when the Fed filing date is extended, the prior year contribution that will trigger a 5498 means that prior year 5498 won't come out perhaps until mid-Aug. I've noticed more of them are wrong, because the issuer gets the different tax year confused, because of these overlapping contribution years. And I caught Wells Fargo not executing the contribution paperwork and pointed out they had 3 more days to meet the IRS deadline for the prior year for our common client.