1099s in January and late February?

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Indianrock
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1099s in January and late February?

Post by Indianrock »

I got an email talking about holding off filing taxes due to Vanguard 1099s coming in two waves.
We did convert to their new platform last year but just have one brokerage ( taxable) account. We do only mutual fund investing, all at Vanguard. Since there was no RMD last year, I'm thinking the first, normal 1099 Dividend, coming in January, should be all I need to wait for. ???

https://investor.vanguard.com/taxes/tax-forms/
If I was king: once a stock is purchased, you hold it for 30 days.
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Monster99
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Re: 1099s in January and late February?

Post by Monster99 »

If you converted to the brokerage account after March, you will get two 1099 forms - one for the fund only platform and one for the brokerage. I tend to get the brokerage 1099 the second week in February. If you received dividends or capital gains from the mutual fund platform, they will only be accounted for with the 1099 for the mutual fund platform. All fund distributions after conversion will be on the brokerage account 1099.
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Indianrock
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Re: 1099s in January and late February?

Post by Indianrock »

The taxable account, in one mutual fund, was actually already a brokerage account prior to 2020. But on the old "platform." All other funds are mutual fund Traditional IRAs.
If I was king: once a stock is purchased, you hold it for 30 days.
jebmke
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Re: 1099s in January and late February?

Post by jebmke »

Indianrock wrote: Wed Jan 13, 2021 2:04 pm The taxable account, in one mutual fund, was actually already a brokerage account prior to 2020. But on the old "platform." All other funds are mutual fund Traditional IRAs.
There was no "old platform" brokerage account. The old platform is the mutual fund account that has no brokerage. If you have a brokerage account and you converted (or combined) into a brokerage account, you may well get two sets of tax documents.
When you discover that you are riding a dead horse, the best strategy is to dismount.
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Indianrock
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Re: 1099s in January and late February?

Post by Indianrock »

Thanks
If I was king: once a stock is purchased, you hold it for 30 days.
Topic Author
Indianrock
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Re: 1099s in January and late February?

Post by Indianrock »

When I took my first RMD a few years ago, a Vanguard advisor suggested putting it into what he called a "brokerage" account, which we knew would be taxable. We took that step then.
Everything else, then and now, is in Traditional IRA Vanguard mutual funds -- so no 1099 Div on those.
Unfortunately, the new platform change last year used the same adjective "brokerage."
In any event, I can wait until the end of February to file, just in case.
If I was king: once a stock is purchased, you hold it for 30 days.
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Indianrock
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Re: 1099s in January and late February?

Post by Indianrock »

I was able to download one 1099 consolidated today, so it looks like tax submission will have to wait until 2/15 since I may get a Wave 2.

FORM------------------------------------------------AVAILABLE ONLINE--------------------MAILED BY
1099-Consolidated Wave 1 -----------------------------01/26/2021-------------------------01/30/2021
1099-Consolidated Wave 2 ----------------------------- 02/15/2021 ------------------------02/18/2021
If I was king: once a stock is purchased, you hold it for 30 days.
jebmke
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Re: 1099s in January and late February?

Post by jebmke »

Indianrock wrote: Mon Jan 25, 2021 4:52 pm I was able to download one 1099 consolidated today, so it looks like tax submission will have to wait until 2/15 since I may get a Wave 2.

FORM AVAILABLE ONLINE MAILED BY
1099-Consolidated Wave 1 01/26/2021 01/30/2021
1099-Consolidated Wave 2 02/15/2021 02/18/2021
IRS isn’t accepting returns until mid Feb anyway. Most software isn’t ready.
When you discover that you are riding a dead horse, the best strategy is to dismount.
Topic Author
Indianrock
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Re: 1099s in January and late February?

Post by Indianrock »

thanks
If I was king: once a stock is purchased, you hold it for 30 days.
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