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Posted by Paul Thomas, CPA on April 12, 2008, 9:19 am
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> What's with all these corrected brokerage 1099's? I have gotten them
> for several years now, from Oppenheimer and Etrade both. Not a year
> has gone by in 5 yrs that I haven't gotten one, AFTER I've gotten
> taxes done. 2 years ago I got TWO from one firm. Why can't they get
> it right the first time?
They can't "get it right" because of the investments you hold. Mutual fulds
that invest in such a wide variety of things, and buy and sell at
super-sonic speed, that it takes a while before THEY get the straight
reporting from the entities they invested in that they aren't getting the
straight dope till mid March at times.
This all has to do with the taxing of "qualified" dividends at a different
rate than ordinary dividends. When the next administration gets into
office, you might see a change in this area, maybe for the worse (as in
higher taxes).
> There should be a law that brokerages have
> to cover the extra cost after February 1st.
And that fee will come straight off your return on investment. Fine with
you now?
They are required by law to issue 1099's by the end of January. They are
also required by law to issue corrected statements whenever they find an
error in reporting. It's not the fault of the investment brokerages that
you filed early.
--
Paul A. Thomas, CPA
Athens, Georgia
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