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Old 03-04-2004, 01:14 AM
Harlan Lunsford
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Default Re: Corrected investment 1099 forms

JanZtaxNOSPAM wrote:

- quote -

> A colleague tells me that in a normal year, 5-8% of
> brokerage house 1099s are corrected (i.e. taxpayers receive
> corrected 1099 forms). She says that for 2003, she's been
> told by a financial analyst, it will be more like 80%. They
> should be starting to arrive any day now. So here's my
> question:
> Somewhere in the back of my mind I'm remembering something
> about "the last return received before April 15 is
> considered the final return for that person". Could that be
> right? If not, many of the returns I've prepared will need
> to be amended, not just re-run (thanks to mandatory
> electronic filing, everyone is filing right away).
> Is anyone else thinking about how they're going to handle this?


First one from Merrill Lynch today. Only differed by 16.50
in non taxable dividends, and this is a huge account.
REturn not printed out yet so easy to make the change. And
this return *Ed!* will be filed in paper format, since I'm
not about to type all those trades. lol

For the rest, if any, "facts and circumstances.", case by
case.

Cheer$,
Harlan Lunsford, EA n LA

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  #-1  
Old 03-03-2004, 12:53 AM
JanZtaxNOSPAM
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Posts: n/a
Default Corrected investment 1099 forms

A colleague tells me that in a normal year, 5-8% of
brokerage house 1099s are corrected (i.e. taxpayers receive
corrected 1099 forms). She says that for 2003, she's been
told by a financial analyst, it will be more like 80%. They
should be starting to arrive any day now. So here's my
question:

Somewhere in the back of my mind I'm remembering something
about "the last return received before April 15 is
considered the final return for that person". Could that be
right? If not, many of the returns I've prepared will need
to be amended, not just re-run (thanks to mandatory
electronic filing, everyone is filing right away).

Is anyone else thinking about how they're going to handle this?

Jan Zobel EA

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->
 

Tags
1099, corrected, forms, investment
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