Safe to file taxes now?

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808surfboy
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Safe to file taxes now?

Post by 808surfboy » Tue Feb 20, 2018 8:15 pm

Wondering if anyone has filed their personal income taxes for 2017. Has Vanguard ever issued a corrected 1099 for their brokerage? I don't want to file then receive a corrected 1099 and have to amend. Thanks

PFInterest
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Re: Safe to file taxes now?

Post by PFInterest » Tue Feb 20, 2018 8:40 pm

It's more risky to wait.

noco-hawkeye
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Re: Safe to file taxes now?

Post by noco-hawkeye » Tue Feb 20, 2018 8:48 pm

They usually send out the corrected forms a day or two after I file. I'd wait. :oops:

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CAsage
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Re: Safe to file taxes now?

Post by CAsage » Tue Feb 20, 2018 8:58 pm

My brokerage forms matched what I expected, so I filed last week (the day after I got the forms). Big refund due to massive charitable contributions brought on by the tax debacle - I donated 10 years worth of charity to write it off now. So, unexpected refund.... And I want it now!
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bogglizer
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Re: Safe to file taxes now?

Post by bogglizer » Tue Feb 20, 2018 9:01 pm

I did my taxes two weekends ago, but waited a week to see if any more forms wandered in. Filed last weekend. The Obamacare form showed up today, which I didn't need, but I guess some stuff is still showing up.

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pennstater2005
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Re: Safe to file taxes now?

Post by pennstater2005 » Tue Feb 20, 2018 9:05 pm

PFInterest wrote:
Tue Feb 20, 2018 8:40 pm
It's more risky to wait.
Which is why I file as early as possible. I don't want to find out that someone ever so kindly filed for me :D I typically file mid-February as everything is generally in. I've had a few things show up late but they were already accounted for as I could access them online.

My local taxes are another story. For whatever reason I always lag behind on those.
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DaftInvestor
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Re: Safe to file taxes now?

Post by DaftInvestor » Tue Feb 20, 2018 9:07 pm

I filed. I didn't want to risk waiting.

Mike Scott
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Re: Safe to file taxes now?

Post by Mike Scott » Tue Feb 20, 2018 9:08 pm

The retroactive changes in tax law made a couple of weeks ago probably will not show up for some time. I suppose I can either wait, file an extension or do an amended return when the forms are finally updated.

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DaftInvestor
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Re: Safe to file taxes now?

Post by DaftInvestor » Tue Feb 20, 2018 9:13 pm

Mike Scott wrote:
Tue Feb 20, 2018 9:08 pm
The retroactive changes in tax law made a couple of weeks ago probably will not show up for some time. I suppose I can either wait, file an extension or do an amended return when the forms are finally updated.
What Retroactive changes impact you?

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baconavocado
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Re: Safe to file taxes now?

Post by baconavocado » Tue Feb 20, 2018 10:08 pm

I'm waiting for a paper 1099 from Schwab for an account I closed (e.g., can't access the account electronically)? Has anyone received their tax forms from Schwab?

NibbanaBanana
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Re: Safe to file taxes now?

Post by NibbanaBanana » Tue Feb 20, 2018 10:13 pm

Yes, I received a corrected 1099 from VG one year. I'd wait until the beginning of April. I don't see the point in filing early really. Unless you expect a very big refund maybe.

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David Jay
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Re: Safe to file taxes now?

Post by David Jay » Tue Feb 20, 2018 10:35 pm

Filed the weekend before last. Refund was deposited in my account today.
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MtnBiker
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Re: Safe to file taxes now?

Post by MtnBiker » Tue Feb 20, 2018 10:52 pm

E-filing accepted January 22. Refund for Earned Income Credit expected by end of this week.

3dream3
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Re: Safe to file taxes now?

Post by 3dream3 » Tue Feb 20, 2018 10:52 pm

I filed late last week soon after getting the 1099s. We didn't want to risk it either... plus my wife kept bugging me to file which I kept telling her that we can't since we still needed the 1099s for our brokerage accounts. So, now that we got them, no more delays.

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Tamarind
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Re: Safe to file taxes now?

Post by Tamarind » Tue Feb 20, 2018 10:55 pm

I filled mine 2 days after the filing window opened. But I don't have any taxable investment accounts, so nothing was likely to be amended.

aristotelian
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Re: Safe to file taxes now?

Post by aristotelian » Tue Feb 20, 2018 10:56 pm

I just got a 1099B today from Pershing LLC in a T Rowe Price envelope reporting a $9 capital gain. I had already received what I thought was a full set of forms from T Rowe Price. I was literally ready to file today but now I am thinking I should wait a week to see if anything else unexpected comes in.

tomd37
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Re: Safe to file taxes now?

Post by tomd37 » Tue Feb 20, 2018 11:29 pm

Mike Scott - TaxSlayer Pro tax software firm put out on their blog today that they are working on installing the extenders reinstallation into their system now and hope to have it done soon. I hope that's right because just today I had two clients with returns that had extender issues.
Tom D.

jebmke
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Re: Safe to file taxes now?

Post by jebmke » Wed Feb 21, 2018 1:15 am

tomd37 wrote:
Tue Feb 20, 2018 11:29 pm
Mike Scott - TaxSlayer Pro tax software firm put out on their blog today that they are working on installing the extenders reinstallation into their system now and hope to have it done soon. I hope that's right because just today I had two clients with returns that had extender issues.
Had one of these today. Suggested he come back in late March.
When you discover that you are riding a dead horse, the best strategy is to dismount.

neilpilot
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Re: Safe to file taxes now?

Post by neilpilot » Wed Feb 21, 2018 9:09 am

I filed the same day Scottrade posted 1099s, on Feb 15. My Federal and State refunds are both larger than planned.

One year I did receive a corrected 1099 very late, IIRC in early April, after I filed. I ran the numbers and the correction would have changed my tax liability by only $1-$2, so I chose not to file a correct return. Nothing ever came of it.

jehovasfitness
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Re: Safe to file taxes now?

Post by jehovasfitness » Wed Feb 21, 2018 9:12 am

I filed 2 weeks ago, and last weekend got a 1099 for a stock sale in the mail. :oops:

wasn't much, but I guess I'll amend at some point

ryman554
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Re: Safe to file taxes now?

Post by ryman554 » Wed Feb 21, 2018 11:28 am

3dream3 wrote:
Tue Feb 20, 2018 10:52 pm
I filed late last week soon after getting the 1099s. We didn't want to risk it either... plus my wife kept bugging me to file which I kept telling her that we can't since we still needed the 1099s for our brokerage accounts. So, now that we got them, no more delays.
I'm picking on you, but I'm really picking on the thread....

Why wait for 1099s to show up?

Presumably, these days everybody does stuff online. Your monthly statements (december) should show what you contributed/bought/sold. Unless you're a day-trader and/or have a *ton* of transactions in taxable accounts...

1. Look up interest for checking or brokerage accounts. (5 minutes of time, can be done Jan 1)
2. Copy 1099 forms for all of the IRA/ROTH/Conversion stuff from last year (5 minutes, at most, can be done before Jan 1)
3. Same as #2 for HSA contributions/withdrawals (can be done before Jan 1)
4. Same as #2 to account for RSU (2x a year?) and ESPP (2x a year) and ESOP (2x a year) just like you did last year (5-10 minutes -- since they tell you all the numbers you need to know, or you already know what numbers they tell you are wrong, can be done before Jan 1)
5. Look up taxable sales logs for Schedule D (or whatever it is now) and figure out wash sales -- (10 minutes of time, can be done before Jan 1)
6. Wait for mutual funds to report Qualified/Unqualified Dividends ST/LT cap gains (mid January, done online)

What do the 1099 forms really provide if you are tracking what you are doing financially over the year? Any mistake should be caught mid-year / as the transaction happens, yes?

I had to wait until 2/15 because of the stupid 8606 update. Otherwise, I could have filed Jan 15th when Fido computed their qualified dividends.

Suntan1
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Re: Safe to file taxes now?

Post by Suntan1 » Wed Feb 21, 2018 11:41 am

All these years (20+) never receive a corrected 1099 (int/div/b) from Vanguard so Am hoping won't get one this year. I do get form 5498 by early May. Is there anyone getting form 5498 earlier than May? Honestly, I don't even know if I need it for filing taxes :oops:

E-filed on Feb 15 and will pay both Fed/CA taxes on Apr 17 (deducted directly from checking).

bberris
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Re: Safe to file taxes now?

Post by bberris » Wed Feb 21, 2018 1:34 pm

You don't need a 5498 for filing. You may need to know your 12/31/17 balance for RMD. 5498 won't be issued until May because you have until April 15 to contribute.

There is no risk in waiting to file. If you have a refund coming, just file ASAP and file amended if you have to. If you owe money, wait. IRS will accept your money even if someone else fraudulently filed under your SSN. No one files for your refund, they file for a refund. You will still get your refund if someone else filed under your SSN, but it will be delayed.
Last edited by bberris on Wed Feb 21, 2018 3:09 pm, edited 1 time in total.

Longdog
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Re: Safe to file taxes now?

Post by Longdog » Wed Feb 21, 2018 1:56 pm

3dream3 wrote:
Tue Feb 20, 2018 10:52 pm
What do the 1099 forms really provide if you are tracking what you are doing financially over the year? Any mistake should be caught mid-year / as the transaction happens, yes?
A minor item would be whether the cost basis is reported to the IRS or not on sold shares.
Steve

foamypirate
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Re: Safe to file taxes now?

Post by foamypirate » Wed Feb 21, 2018 2:18 pm

Filed mine last Monday (12th) and had my refund by Thursday night (15th). :beer

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John151
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Re: Safe to file taxes now?

Post by John151 » Wed Feb 21, 2018 6:09 pm

In twenty-five years of investing with Vanguard, I’ve never gotten a corrected 1099. I filed when Form 8606 became available, on February 15. I like to get it out of the way as soon as possible, even if I’m not expecting a refund.

Zonian59
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Re: Safe to file taxes now?

Post by Zonian59 » Wed Feb 21, 2018 6:20 pm

Unread post by baconavocado » Tue Feb 20, 2018 7:08 pm
I'm waiting for a paper 1099 from Schwab for an account I closed (e.g., can't access the account electronically)? Has anyone received their tax forms from Schwab?
Just received my paper version today. Seems to be consistent with the electronic version I downloaded a week ago.

Anybody use H&R Block Deluxe tax software?
Software says not all Federal forms are final and softwar update coming Feb 23.

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Artsdoctor
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Re: Safe to file taxes now?

Post by Artsdoctor » Wed Feb 21, 2018 6:21 pm

ryman554 wrote:
Wed Feb 21, 2018 11:28 am
3dream3 wrote:
Tue Feb 20, 2018 10:52 pm
I filed late last week soon after getting the 1099s. We didn't want to risk it either... plus my wife kept bugging me to file which I kept telling her that we can't since we still needed the 1099s for our brokerage accounts. So, now that we got them, no more delays.
I'm picking on you, but I'm really picking on the thread....

Why wait for 1099s to show up?

Presumably, these days everybody does stuff online. Your monthly statements (december) should show what you contributed/bought/sold. Unless you're a day-trader and/or have a *ton* of transactions in taxable accounts...

1. Look up interest for checking or brokerage accounts. (5 minutes of time, can be done Jan 1)
2. Copy 1099 forms for all of the IRA/ROTH/Conversion stuff from last year (5 minutes, at most, can be done before Jan 1)
3. Same as #2 for HSA contributions/withdrawals (can be done before Jan 1)
4. Same as #2 to account for RSU (2x a year?) and ESPP (2x a year) and ESOP (2x a year) just like you did last year (5-10 minutes -- since they tell you all the numbers you need to know, or you already know what numbers they tell you are wrong, can be done before Jan 1)
5. Look up taxable sales logs for Schedule D (or whatever it is now) and figure out wash sales -- (10 minutes of time, can be done before Jan 1)
6. Wait for mutual funds to report Qualified/Unqualified Dividends ST/LT cap gains (mid January, done online)

What do the 1099 forms really provide if you are tracking what you are doing financially over the year? Any mistake should be caught mid-year / as the transaction happens, yes?

I had to wait until 2/15 because of the stupid 8606 update. Otherwise, I could have filed Jan 15th when Fido computed their qualified dividends.
Depending on your financial portfolio, there are some things you can't know until you get your 1099. If you've invested in an international fund, for example, you won't know your dividend amount or your foreign tax credit (the FTC will change your dividend amount you thought you were keeping track of). If you've had a capital gain and/or loss, you're going to want to make sure your cost basis numbers reconcile with your brokerage account (sometimes they don't, sometimes the broker has calculated the cost basis wrong, and you're going to have to reconcile that on your tax form). Sometimes your broker has amortized your bonds differently than you did. Because of all of these things alone, you don't want to file and not have your numbers match what is reported to the IRS. The vast majority of investors would generally dislike getting letters from the IRS.

All of that said, for extremely straightforward investments such as what you described, you're going to be unlikely to find many discrepancies and filing early might be done. But your opening argument ("unless you're a day-trader or have a ton of transactions") is erroneous. All it takes is one dividend payment from an international mutual fund and you're stuck.

JW-Retired
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Re: Safe to file taxes now?

Post by JW-Retired » Wed Feb 21, 2018 6:42 pm

Zonian59 wrote:
Wed Feb 21, 2018 6:20 pm
Anybody use H&R Block Deluxe tax software?
Software says not all Federal forms are final and software update coming Feb 23.
Yes, we have used H&R Block Deluxe for years. I have all my 1099s now but usually wait a couple of weeks into March. Never had a problem with that.
JW
Retired at Last

jebmke
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Re: Safe to file taxes now?

Post by jebmke » Wed Feb 21, 2018 6:52 pm

Zonian59 wrote:
Wed Feb 21, 2018 6:20 pm
Anybody use H&R Block Deluxe tax software?
Software says not all Federal forms are final and softwar update coming Feb 23.
There will certainly be some revisions to forms. The 1040 will need to add a line in the adjustments section for Tuition and Fees Deduction. Schedule A will need to add a line for PMI.
When you discover that you are riding a dead horse, the best strategy is to dismount.

tomd37
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Re: Safe to file taxes now?

Post by tomd37 » Wed Feb 21, 2018 7:03 pm

Jim - I think the necessary lines on various forms and schedules have been reserved prior to the end of 2017 so I am assuming it should not take the IRS too long to implement the required changes to those forms and schedules. What might take a bit longer is for the numerous software firms to make changes to their programs. Hopefully TaxSlayer Pro will be changed and ready to go shortly as they have indicated recently.
Tom D.

Monster99
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Re: Safe to file taxes now?

Post by Monster99 » Wed Feb 21, 2018 7:53 pm

jebmke wrote:
Wed Feb 21, 2018 6:52 pm
Zonian59 wrote:
Wed Feb 21, 2018 6:20 pm
Anybody use H&R Block Deluxe tax software?
Software says not all Federal forms are final and softwar update coming Feb 23.
There will certainly be some revisions to forms. The 1040 will need to add a line in the adjustments section for Tuition and Fees Deduction. Schedule A will need to add a line for PMI.
If you fire up the software and look under the "forms" tab, the forms that are not finalized are marked.
If the return does not use the temp forms, there should be no problem.....

thx1138
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Re: Safe to file taxes now?

Post by thx1138 » Wed Feb 21, 2018 8:12 pm

jebmke wrote:
Wed Feb 21, 2018 6:52 pm
There will certainly be some revisions to forms. The 1040 will need to add a line in the adjustments section for Tuition and Fees Deduction. Schedule A will need to add a line for PMI.
Fortunately they don't actually need to add lines (which would screw up the line numbers for all the instructions) but instead just put the correct text in on the lines that the IRS wisely left on the forms as "Reserved for future use". Line 34 on 1040 for the Tuition/Fees and Line 13 on Sch A for PMI. So for anyone actually using forms rather than tax prep software it is easy to do all the taxes (just used the reserved lines for their intended purpose) while they wait for revised forms.

It is almost as if the IRS has the lowest possible expectations of Congress and planned ahead for such craziness...

Interestingly freefillableforms - the IRS's own free online prep solution - does not presently show any scheduled changes for 1040 or Sch A.

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baconavocado
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Re: Safe to file taxes now?

Post by baconavocado » Wed Feb 21, 2018 9:03 pm

Zonian59 wrote:
Wed Feb 21, 2018 6:20 pm
Unread post by baconavocado » Tue Feb 20, 2018 7:08 pm
I'm waiting for a paper 1099 from Schwab for an account I closed (e.g., can't access the account electronically)? Has anyone received their tax forms from Schwab?
Just received my paper version today. Seems to be consistent with the electronic version I downloaded a week ago.

Anybody use H&R Block Deluxe tax software?
Software says not all Federal forms are final and softwar update coming Feb 23.
Thanks!

jebmke
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Re: Safe to file taxes now?

Post by jebmke » Wed Feb 21, 2018 9:06 pm

tomd37 wrote:
Wed Feb 21, 2018 7:03 pm
Jim - I think the necessary lines on various forms and schedules have been reserved prior to the end of 2017 so I am assuming it should not take the IRS too long to implement the required changes to those forms and schedules. What might take a bit longer is for the numerous software firms to make changes to their programs. Hopefully TaxSlayer Pro will be changed and ready to go shortly as they have indicated recently.
For a normal software company, I would agree. For Taxslayer, who knows? We are still waiting for them to get the calculations correct on the state return -- it has been a year and a half and no progress yet. :beer
When you discover that you are riding a dead horse, the best strategy is to dismount.

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tractorguy
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Re: Safe to file taxes now?

Post by tractorguy » Wed Feb 21, 2018 9:50 pm

I filed with H&R Block Deluxe last week the day after the brokerage forms were available on Vanguard's website. I was in a rush because I have a significant refund, because I'm traveling for the next few weeks and wanted this out of the way, and because my information was in the Equifax leak.

HR Block is expecting an update on Feb 23rd and another later but from their websites, most all forms are final for 2017 taxes. The status is here: https://www.hrblock.com/tax-software/up ... lable.html

The only update that is going to affect me is calculating the 2018 estimated tax payments but I can wait for those.
Lorne

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Doom&Gloom
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Re: Safe to file taxes now?

Post by Doom&Gloom » Thu Feb 22, 2018 12:02 am

I hope so. I e-filed federal and state today. Both accepted. The feds will vacuum some Bennies from my account in a few weeks. I'll hold my breath while I wait for my state to replace them at their leisure.

Finridge
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Re: Safe to file taxes now?

Post by Finridge » Thu Feb 22, 2018 3:46 am

808surfboy wrote:
Tue Feb 20, 2018 8:15 pm
Wondering if anyone has filed their personal income taxes for 2017. Has Vanguard ever issued a corrected 1099 for their brokerage? I don't want to file then receive a corrected 1099 and have to amend. Thanks
Yes, a few years I received multiple corrected 1099's on a brokerage account. The original was sent out 3/15. The first corrected one was sent out 4/6. The second corrected one was dated 4/10, and was not received by me until AFTER the 4/15 deadline. Luckily for me, I had filed for an extension that year, and so did not have to amend my tax returns.

TwstdSista
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Re: Safe to file taxes now?

Post by TwstdSista » Thu Feb 22, 2018 4:25 am

I always wait until at least February 15th. I'm self-employed, so I figure filing before all the 1099s technically arrive might raise a flag with the IRS. (although I don't need my 1099s, I know my income to the penny).

I have a vague recollection of receiving an amended 1099 from either Vanguard or Fidelity in the past. Had no idea what to do with it, so I simply filed it away somewhere. Nothing ever came of it.

ryman554
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Re: Safe to file taxes now?

Post by ryman554 » Thu Feb 22, 2018 9:43 am

Artsdoctor wrote:
Wed Feb 21, 2018 6:21 pm

Depending on your financial portfolio, there are some things you can't know until you get your 1099. If you've invested in an international fund, for example, you won't know your dividend amount or your foreign tax credit (the FTC will change your dividend amount you thought you were keeping track of).
See? I learned something. Since I don't keep international in taxable, I'm immune to this, but I may not be in the future. Thanks!
Artsdoctor wrote:
Wed Feb 21, 2018 6:21 pm
If you've had a capital gain and/or loss, you're going to want to make sure your cost basis numbers reconcile with your brokerage account (sometimes they don't, sometimes the broker has calculated the cost basis wrong, and you're going to have to reconcile that on your tax form). Sometimes your broker has amortized your bonds differently than you did. Because of all of these things alone, you don't want to file and not have your numbers match what is reported to the IRS. The vast majority of investors would generally dislike getting letters from the IRS.
But here you don't need to wait. You can (should?) be tracking the cost basis as the transactions come through and reconcile with your monthly/online statements. You don't need to wait for the 1099 to find out that the trade back in June used different lots than you thought or they messed up the cost basis. In fact, you should take care of it then, when everybody's memory is fresh, to ensure your 1099 ends up correct.
Artsdoctor wrote:
Wed Feb 21, 2018 6:21 pm
All of that said, for extremely straightforward investments such as what you described, you're going to be unlikely to find many discrepancies and filing early might be done. But your opening argument ("unless you're a day-trader or have a ton of transactions") is erroneous. All it takes is one dividend payment from an international mutual fund and you're stuck.
Sure, for transactions you do the first time, like say doing an RSU transaction for the first time, or buying a new class of investment, you may not know. But in the subsequent years, you'll have a good idea of the basis is correct, or even reported, and more importantly, *how* the 1099 numbers are generated for use in the next year. And I think that's information you can and should use wherever possible.

I'll grant the above international fund caveat, and look forward to hearing others that can't be done.

Nowizard
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Re: Safe to file taxes now?

Post by Nowizard » Thu Feb 22, 2018 9:49 am

Filed mine earlier in the month and refund hit our account within a week. Filed with TurboTax and had a reasonably complicated return with stock sales, small business, MRD's, itemization, etc.

Tim

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JMacDonald
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Re: Safe to file taxes now?

Post by JMacDonald » Thu Feb 22, 2018 9:57 am

My taxes were filed on January 29th, the first day of filing, and I had both my state and federal refunds by February 6th,
Best Wishes, | Joe

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pennstater2005
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Re: Safe to file taxes now?

Post by pennstater2005 » Thu Feb 22, 2018 10:27 am

Refund came today. Slight delay due to child tax credits and EIC.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

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Artsdoctor
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Re: Safe to file taxes now?

Post by Artsdoctor » Thu Feb 22, 2018 10:39 am

ryman554 wrote:
Thu Feb 22, 2018 9:43 am
Artsdoctor wrote:
Wed Feb 21, 2018 6:21 pm

Depending on your financial portfolio, there are some things you can't know until you get your 1099. If you've invested in an international fund, for example, you won't know your dividend amount or your foreign tax credit (the FTC will change your dividend amount you thought you were keeping track of).
See? I learned something. Since I don't keep international in taxable, I'm immune to this, but I may not be in the future. Thanks!
Artsdoctor wrote:
Wed Feb 21, 2018 6:21 pm
If you've had a capital gain and/or loss, you're going to want to make sure your cost basis numbers reconcile with your brokerage account (sometimes they don't, sometimes the broker has calculated the cost basis wrong, and you're going to have to reconcile that on your tax form). Sometimes your broker has amortized your bonds differently than you did. Because of all of these things alone, you don't want to file and not have your numbers match what is reported to the IRS. The vast majority of investors would generally dislike getting letters from the IRS.
But here you don't need to wait. You can (should?) be tracking the cost basis as the transactions come through and reconcile with your monthly/online statements. You don't need to wait for the 1099 to find out that the trade back in June used different lots than you thought or they messed up the cost basis. In fact, you should take care of it then, when everybody's memory is fresh, to ensure your 1099 ends up correct.
Artsdoctor wrote:
Wed Feb 21, 2018 6:21 pm
All of that said, for extremely straightforward investments such as what you described, you're going to be unlikely to find many discrepancies and filing early might be done. But your opening argument ("unless you're a day-trader or have a ton of transactions") is erroneous. All it takes is one dividend payment from an international mutual fund and you're stuck.
Sure, for transactions you do the first time, like say doing an RSU transaction for the first time, or buying a new class of investment, you may not know. But in the subsequent years, you'll have a good idea of the basis is correct, or even reported, and more importantly, *how* the 1099 numbers are generated for use in the next year. And I think that's information you can and should use wherever possible.

I'll grant the above international fund caveat, and look forward to hearing others that can't be done.
I would rate the consistency of 1099's as "good." I've been investing at both Fidelity and Vanguard since the 1980's and I'm reluctant to make generalizations based on my own experiences. Overall, the numbers match pretty well. But not always. I've not found any discrepancies with Fidelity, but I'd had minor issues with Vanguard. The mutual fund numbers always match; the individual premium bond amortization numbers are always a bit different than mine and I've caught a few errors on their part; their cost basis calculations during the year can be off and I catch it as soon as the trade is recorded, and they've corrected it before the end of the year--but I am more comfortable when I see it verified on the 1099. The international fund numbers cannot be known until February when the 1099's come out.

If your account is still based on the "old" mutual fund platform (it has not been converted to a brokerage account), then your mutual fund dividends are tallied very early. If you're now on the "new" platform, brokerage 1099's are released later. You can't really know the exact number of the qualified dividends until you get the 1099 so I'm not sure how you can complete the 1040 before you get that, even if you're invested in something straightforward, like the Total Stock Market fund.

The bottom line is that your numbers have to match the numbers which are reported to the IRS. If they don't, you're just asking for a headache.

H-Town
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Re: Safe to file taxes now?

Post by H-Town » Thu Feb 22, 2018 11:01 am

foamypirate wrote:
Wed Feb 21, 2018 2:18 pm
Filed mine last Monday (12th) and had my refund by Thursday night (15th). :beer
Is it right? I've never seen a refund processed in 3 days. It's typically 21 days.

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pennstater2005
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Re: Safe to file taxes now?

Post by pennstater2005 » Thu Feb 22, 2018 11:07 am

thangngo wrote:
Thu Feb 22, 2018 11:01 am
foamypirate wrote:
Wed Feb 21, 2018 2:18 pm
Filed mine last Monday (12th) and had my refund by Thursday night (15th). :beer
Is it right? I've never seen a refund processed in 3 days. It's typically 21 days.
Mine only took a week from date of submitting.
“If you think nobody cares if you're alive, try missing a couple of car payments.” – Earl Wilson

informal guide
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Re: Safe to file taxes now?

Post by informal guide » Thu Feb 22, 2018 11:19 am

808surfboy wrote:
Tue Feb 20, 2018 8:15 pm
Wondering if anyone has filed their personal income taxes for 2017. Has Vanguard ever issued a corrected 1099 for their brokerage? I don't want to file then receive a corrected 1099 and have to amend. Thanks
I received at least 8 corrections on last year's Vanguard consolidated form - -the last one in September! I think at least several had to do with tax-exempt bond premium amortization. That is a lot of trees -- each was30+ pages.

tomd37
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Location: Middle Tennessee

Re: Safe to file taxes now?

Post by tomd37 » Thu Feb 22, 2018 12:42 pm

thangngo wrote "Is it right? I've never seen a refund processed in 3 days. It's typically 21 days."

I submitted my return electronically on a Monday afternoon and Thursday afternoon I had an email advisory from my credit union stating the deposit would be available in my account on Monday. Also I do returns in the AARP Foundation Tax-Aide program and several people have already told me their refunds are hitting their bank in a weeks time. I am also getting IRS acceptances of my batch submissions in 10 to 15 minutes.
Tom D.

emoore
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Re: Safe to file taxes now?

Post by emoore » Thu Feb 22, 2018 12:51 pm

thangngo wrote:
Thu Feb 22, 2018 11:01 am
foamypirate wrote:
Wed Feb 21, 2018 2:18 pm
Filed mine last Monday (12th) and had my refund by Thursday night (15th). :beer
Is it right? I've never seen a refund processed in 3 days. It's typically 21 days.
Just because the IRS says it typically takes 21 days doesn't mean everyone's will take that long. Mine has never taken longer than 2 weeks and this year it was 3 days.

Leesbro63
Posts: 5517
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Re: Safe to file taxes now?

Post by Leesbro63 » Thu Feb 22, 2018 12:59 pm

informal guide wrote:
Thu Feb 22, 2018 11:19 am
808surfboy wrote:
Tue Feb 20, 2018 8:15 pm
Wondering if anyone has filed their personal income taxes for 2017. Has Vanguard ever issued a corrected 1099 for their brokerage? I don't want to file then receive a corrected 1099 and have to amend. Thanks
I received at least 8 corrections on last year's Vanguard consolidated form - -the last one in September! I think at least several had to do with tax-exempt bond premium amortization. That is a lot of trees -- each was30+ pages.
I’ve been invested in Vanguard tax free bond funds for years and never got a single 1099 revision. What are you talking about with regard to 1099 changes regarding tax free bond amortization?

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