Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

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student
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Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

Today I see that a consolidated 1099 form is available at Etrade. I see that only interests and dividends from the 4th quarter of 2023 were reported, but then I remember that reading from this forum that due to the switch over, I will receive two 1099 forms. Last year I had a problem as documented here. viewtopic.php?t=396561 The same problem is happening again this year. For example, I have a T-bill purchased in the 3rd quarter of 2023 that was matured in the 4th quarter of 2023, and the interest was not included. I called Etrade and the person said she will submit a report.

Does anyone have the same problem? I understand that one may have issues every now and then. The same issue two years in a row? Maybe it is time to move....
tfunk
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Re: Etrade 1099 issues again.

Post by tfunk »

The message on my E-Trade front page states 1099 Consolidated will be available on February 15. I sure hope I will only get one statement for 2023. Surprised you have already gotten your statement.

On the other hand, I did get my 1099-INT from Morgan Stanley showing my interest from Premium Savings for 2023. Just not the bigger Consolidated 1099.
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Re: Etrade 1099 issues again.

Post by mkc »

[Topic is now in Personal Finance (Not Investing) - mod mkc]
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Re: Etrade 1099 issues again.

Post by student »

HeelaMonster wrote: Wed Feb 07, 2024 4:09 pm I don't know if/that mods will want to merge threads... but some of us were just confirming that we should expect two 1099s this year, covering the periods before and after Morgan Stanley took over:

viewtopic.php?t=423734
The mod did merge the two threads and I requested the mod to unmerge it. My thread is not about one will be receiving two 1099 forms. The 1099 form that I received covers Sept-Dec but it is missing T-bill interests for the covered period. I called Etrade, and the person that I talked to said it should be on the form that I received, hence she has submitted a report..
mkc
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by mkc »

Topics split back to original. Link to topic on multiple 1099s being issued by Etrade/MS here ETrade Morgan Stanley Forms 1099 to Expect for 2023

mod mkc
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

mkc wrote: Wed Feb 07, 2024 7:48 pm Topics split back to original. Link to topic on multiple 1099s being issued by Etrade/MS here ETrade Morgan Stanley Forms 1099 to Expect for 2023

mod mkc
Thank you.
gotoparks
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by gotoparks »

If it was me I would move from ETRADE if what you say is correct. No sense in playing games every year at tax time.
Katietsu
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Katietsu »

The Treasury that matured is not listed on the 1099 at all? There is nothing on the first page in the 1099-INT section in box 3? On the subsequent pages, do you have a section 1099-INT INTEREST INCOME where there is a sub section labeled US Treasuries and Federal Obligations? On the monthly statement corresponding to the month of maturation, is it listed under Cash Flow Activity? What does that listing say?
Smilodon
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Smilodon »

I am in the same situation. I bought two Treasury Bills at auction during Q3 2023 and held both to maturity in October, 2023. Neither are accounted for on the 1099 issued by E*TRADE so far. I will wait until the second 1099 is posted before submitting a ticket with E*TRADE.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

Katietsu wrote: Thu Feb 08, 2024 3:55 am The Treasury that matured is not listed on the 1099 at all? There is nothing on the first page in the 1099-INT section in box 3? On the subsequent pages, do you have a section 1099-INT INTEREST INCOME where there is a sub section labeled US Treasuries and Federal Obligations? On the monthly statement corresponding to the month of maturation, is it listed under Cash Flow Activity? What does that listing say?
Nope to all.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

Smilodon wrote: Thu Feb 08, 2024 5:39 am I am in the same situation. I bought two Treasury Bills at auction during Q3 2023 and held both to maturity in October, 2023. Neither are accounted for on the 1099 issued by E*TRADE so far. I will wait until the second 1099 is posted before submitting a ticket with E*TRADE.
Thanks for the reply, we are currently in the same boat. When I called Etrade, the person that I talked to said it should be on this 1099 that I received, hence she has submitted a report.
Last edited by student on Thu Feb 08, 2024 7:12 am, edited 1 time in total.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

gotoparks wrote: Thu Feb 08, 2024 1:24 am If it was me I would move from ETRADE if what you say is correct. No sense in playing games every year at tax time.
T-bill interests definitely were not included on the 1099. When I called, I specifically asked them in this situation (bought in Q3, matured in Q4), should the interest appear in the 1099 covering Q1-Q3, or Q4, and she said Q4. There are two possibilities, the first is that the rep is wrong, and it will appear in Q1-Q3, and the second is that 1099 was incomplete, like last year.
Last edited by student on Sat Feb 10, 2024 6:08 am, edited 1 time in total.
kxl19
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by kxl19 »

Smilodon wrote: Thu Feb 08, 2024 5:39 am I am in the same situation. I bought two Treasury Bills at auction during Q3 2023 and held both to maturity in October, 2023. Neither are accounted for on the 1099 issued by E*TRADE so far. I will wait until the second 1099 is posted before submitting a ticket with E*TRADE.
I have a similar problem of t bills bought on secondary market, matured, but showing up as short term gain instead of interest.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

kxl19 wrote: Thu Feb 08, 2024 7:13 am
Smilodon wrote: Thu Feb 08, 2024 5:39 am I am in the same situation. I bought two Treasury Bills at auction during Q3 2023 and held both to maturity in October, 2023. Neither are accounted for on the 1099 issued by E*TRADE so far. I will wait until the second 1099 is posted before submitting a ticket with E*TRADE.
I have a similar problem of t bills bought on secondary market, matured, but showing up as short term gain instead of interest.
Thank you for your reply. I don't understand how can a big company like this make such mistakes. I would imagine many people do not know the details and just enter whatever info in the 1099 in the software.
rambogleas
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by rambogleas »

I have the same issue and just called E*TRADE. The front-line agent reached out to the internal Cost basis / Retirement & Tax team, and apparently, this a now considered a broader known issue affecting many customers, and 1099 corrections will be issued later in February. We shall see.

To clarify, this issue exists for the original 1099 Consolidated issued by MSSB clearing after the Q3 2023 transition. I still have not received my 1099 Consolidated from before the transition to MSSB clearing, but there's still another week before the deadline of February 15, 2024.

I had purchased US T-Bills both before and after the transition to MSSB clearing, so it remains to be seen whether the E*TRADE / MS also screwed up T-bill interest before the transition as well. Based on the OP's experience, that seems likely, but we shall see.
peterw
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by peterw »

student wrote: Wed Feb 07, 2024 1:10 pm Today I see that a consolidated 1099 form is available at Etrade. I see that only interests and dividends from the 4th quarter of 2023 were reported, but then I remember that reading from this forum that due to the switch over, I will receive two 1099 forms. Last year I had a problem as documented here. viewtopic.php?t=396561 The same problem is happening again this year. For example, I have a T-bill purchased in the 3rd quarter of 2023 that was matured in the 4th quarter of 2023, and the interest was not included. I called Etrade and the person said she will submit a report.

Does anyone have the same problem? I understand that one may have issues every now and then. The same issue two years in a row? Maybe it is time to move....
Etrade / MS has been difficult to deal with customer support wise. Get on online chat and expect to wait four hours. Write to them and expect to wait days and days. They either don't prioritize customer support (cutting corners on that front) or the tangled mess of a merger is causing issues.

Maybe others can weigh in on their experiences of late.
rambogleas
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by rambogleas »

I tried to chat today, but was quoted 20+ minutes, so I canceled my chat request.

They seem to have removed the option to send an arbitrary message, so that was not an option today.

Thus, I called the main 800 customer service number today (around 3 PM Eastern). Total duration of my call: 11 minutes.
cashmoney
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by cashmoney »

student wrote: Wed Feb 07, 2024 1:10 pm Today I see that a consolidated 1099 form is available at Etrade. I see that only interests and dividends from the 4th quarter of 2023 were reported, but then I remember that reading from this forum that due to the switch over, I will receive two 1099 forms. Last year I had a problem as documented here. viewtopic.php?t=396561 The same problem is happening again this year. For example, I have a T-bill purchased in the 3rd quarter of 2023 that was matured in the 4th quarter of 2023, and the interest was not included. I called Etrade and the person said she will submit a report.

Does anyone have the same problem? I understand that one may have issues every now and then. The same issue two years in a row? Maybe it is time to move....


My second 1099 from etrade for 1/1/23-09/30/23 dropped today.My treasury sale shows under interest on first page.The dividends look to be less than i calculated going through the statements manually however .
Smilodon
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Smilodon »

My "pre-September 1" 1099 posted. For Treasury Bills that matured before September everything looks good. The interest is included in box 3 of the 1099-INT. Now I will wait for a corrected "post-September 1" 1099 for my aforementioned Treasury Bills that matured in October.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

cashmoney wrote: Fri Feb 09, 2024 5:48 pm My second 1099 from etrade for 1/1/23-09/30/23 dropped today.My treasury sale shows under interest on first page.The dividends look to be less than i calculated going through the statements manually however .
Smilodon wrote: Fri Feb 09, 2024 5:55 pm My "pre-September 1" 1099 posted. For Treasury Bills that matured before September everything looks good. The interest is included in box 3 of the 1099-INT. Now I will wait for a corrected "post-September 1" 1099 for my aforementioned Treasury Bills that matured in October.
Thanks for the info. I also got my Q1-Q3 1099 and the information in Box 3 is correct. So now I am also waiting for them to correct the Q4 1099.
Katietsu
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Katietsu »

I just looked over my ETrade Morgan Stanley 1099. I had a treasury purchased on the secondary market mature in Q4. The interest is not reported on the 1099-INT box 3. it is reported on the 1099-B in column 1f under accrued market discount. Even though it is in the 1099-B section, it will be reported on 1040 schedule B. This is the correct handling of the transaction. I do not know if it applies to you. But you can have a secondary market treasury mature and have 1099-INT correctly report as $0.
rambogleas
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by rambogleas »

student wrote: Fri Feb 09, 2024 7:05 pm
cashmoney wrote: Fri Feb 09, 2024 5:48 pm My second 1099 from etrade for 1/1/23-09/30/23 dropped today.My treasury sale shows under interest on first page.The dividends look to be less than i calculated going through the statements manually however .
Smilodon wrote: Fri Feb 09, 2024 5:55 pm My "pre-September 1" 1099 posted. For Treasury Bills that matured before September everything looks good. The interest is included in box 3 of the 1099-INT. Now I will wait for a corrected "post-September 1" 1099 for my aforementioned Treasury Bills that matured in October.
Thanks for the info. I also got my Q1-Q3 1099 and the information in Box 3 is correct. So now I am also waiting for them to correct the Q4 1099.
I also just received my 1099 from E*TRADE SECURITIES LLC for the pre-transition timeframe, and indeed, the expected interest on all T-bills purchased at auction and held through maturity is correctly reported in Box 3 of my 1099-INT. Thus, it seems like just MSSB clearning screwed up for T-bills from the post-transition period.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

Katietsu wrote: Fri Feb 09, 2024 7:20 pm I just looked over my ETrade Morgan Stanley 1099. I had a treasury purchased on the secondary market mature in Q4. The interest is not reported on the 1099-INT box 3. it is reported on the 1099-B in column 1f under accrued market discount. Even though it is in the 1099-B section, it will be reported on 1040 schedule B. This is the correct handling of the transaction. I do not know if it applies to you. But you can have a secondary market treasury mature and have 1099-INT correctly report as $0.
Is it a T-bill or T-bond?
rambogleas
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by rambogleas »

Katietsu wrote: Fri Feb 09, 2024 7:20 pm I just looked over my ETrade Morgan Stanley 1099. I had a treasury purchased on the secondary market mature in Q4. The interest is not reported on the 1099-INT box 3. it is reported on the 1099-B in column 1f under accrued market discount. Even though it is in the 1099-B section, it will be reported on 1040 schedule B. This is the correct handling of the transaction. I do not know if it applies to you. But you can have a secondary market treasury mature and have 1099-INT correctly report as $0.
Purchasing US treasuries on the secondary market and/or selling early on the secondary market before maturity will be reported and potentially taxed differently than simply buying US treasuries at auction and holding through maturity, which is the OP's scenario (and many others, including mine).

Yes, in your case, the accrued market discount should get reported as interest income on IRS Form 1040 Schedule B, but if there was any gain in excess of that accrued market discount, that excess will need to be reported as capital gain on IRS Form 8949 / IRS Form 1040 Schedule D. Hence, E*TRADE's / MS's reporting of your transaction on 1099-B, not 1099-INT.
terribleoneBMX
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by terribleoneBMX »

Hi, Just wanted to note that I'm seeing similar issues as others. I have received both consolidated 1099's, though my account seems to have transitioned mid-June.

Etrade 1099, from Jan to Mid-June reported all T-Bill transactions properly (T-Bills held to maturity shown in 1099-INT Box 3, I sold a couple pre-maturity so those show in 1099-B).

The Morgan Stanley 1099 from Mid-June through EOY doesn't show anything. For that period, I only had T-Bills that I held to maturity. Nothing is shown anywhere in the consolidated 1099, and they should have been reported in 1099-INT Box 3.

This appears a broader issue, so I'll be patient and wait for a corrected 1099. But just wanted to lend credence that I'm also experiencing the same thing as many others. Thank you!
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

rambogleas wrote: Fri Feb 09, 2024 8:34 pm
Katietsu wrote: Fri Feb 09, 2024 7:20 pm I just looked over my ETrade Morgan Stanley 1099. I had a treasury purchased on the secondary market mature in Q4. The interest is not reported on the 1099-INT box 3. it is reported on the 1099-B in column 1f under accrued market discount. Even though it is in the 1099-B section, it will be reported on 1040 schedule B. This is the correct handling of the transaction. I do not know if it applies to you. But you can have a secondary market treasury mature and have 1099-INT correctly report as $0.
Purchasing US treasuries on the secondary market and/or selling early on the secondary market before maturity will be reported and potentially taxed differently than simply buying US treasuries at auction and holding through maturity, which is the OP's scenario (and many others, including mine).

Yes, in your case, the accrued market discount should get reported as interest income on IRS Form 1040 Schedule B, but if there was any gain in excess of that accrued market discount, that excess will need to be reported as capital gain on IRS Form 8949 / IRS Form 1040 Schedule D. Hence, E*TRADE's / MS's reporting of your transaction on 1099-B, not 1099-INT.
I actually purchased my T-bills from secondary market but held them to maturity. My understanding is that for T-bills, as long as one holds to maturity, it should be in Box 3. I learned this from Kevin M viewtopic.php?p=6975607#p6975607 and my Q1-Q3 1099 was reported in this way. I think T-bonds are more complicated in tax reporting, so I avoid them.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

rambogleas wrote: Fri Feb 09, 2024 2:42 pm I have the same issue and just called E*TRADE. The front-line agent reached out to the internal Cost basis / Retirement & Tax team, and apparently, this a now considered a broader known issue affecting many customers, and 1099 corrections will be issued later in February. We shall see.

To clarify, this issue exists for the original 1099 Consolidated issued by MSSB clearing after the Q3 2023 transition. I still have not received my 1099 Consolidated from before the transition to MSSB clearing, but there's still another week before the deadline of February 15, 2024.

I had purchased US T-Bills both before and after the transition to MSSB clearing, so it remains to be seen whether the E*TRADE / MS also screwed up T-bill interest before the transition as well. Based on the OP's experience, that seems likely, but we shall see.
Thanks for the info.
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student
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

terribleoneBMX wrote: Fri Feb 09, 2024 9:32 pm Hi, Just wanted to note that I'm seeing similar issues as others. I have received both consolidated 1099's, though my account seems to have transitioned mid-June.

Etrade 1099, from Jan to Mid-June reported all T-Bill transactions properly (T-Bills held to maturity shown in 1099-INT Box 3, I sold a couple pre-maturity so those show in 1099-B).

The Morgan Stanley 1099 from Mid-June through EOY doesn't show anything. For that period, I only had T-Bills that I held to maturity. Nothing is shown anywhere in the consolidated 1099, and they should have been reported in 1099-INT Box 3.

This appears a broader issue, so I'll be patient and wait for a corrected 1099. But just wanted to lend credence that I'm also experiencing the same thing as many others. Thank you!
Thank you for the info.
Katietsu
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Katietsu »

rambogleas wrote: Fri Feb 09, 2024 8:34 pm
Katietsu wrote: Fri Feb 09, 2024 7:20 pm I just looked over my ETrade Morgan Stanley 1099. I had a treasury purchased on the secondary market mature in Q4. The interest is not reported on the 1099-INT box 3. it is reported on the 1099-B in column 1f under accrued market discount. Even though it is in the 1099-B section, it will be reported on 1040 schedule B. This is the correct handling of the transaction. I do not know if it applies to you. But you can have a secondary market treasury mature and have 1099-INT correctly report as $0.
Purchasing US treasuries on the secondary market and/or selling early on the secondary market before maturity will be reported and potentially taxed differently than simply buying US treasuries at auction and holding through maturity, which is the OP's scenario (and many others, including mine).

Yes, in your case, the accrued market discount should get reported as interest income on IRS Form 1040 Schedule B, but if there was any gain in excess of that accrued market discount, that excess will need to be reported as capital gain on IRS Form 8949 / IRS Form 1040 Schedule D. Hence, E*TRADE's / MS's reporting of your transaction on 1099-B, not 1099-INT.
Thanks. I just looked over my records as a result of these responses. I did have a treasury bond bought on the secondary market mature on December 31. This was reported on the 1099-B. However, I also Bought a one year Tbill at auction that matured on December 28. This one is completely missing from the 1099. I am impressed by how many on this forum can identify this type of error.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

Katietsu wrote: Sat Feb 10, 2024 9:12 am
rambogleas wrote: Fri Feb 09, 2024 8:34 pm
Katietsu wrote: Fri Feb 09, 2024 7:20 pm I just looked over my ETrade Morgan Stanley 1099. I had a treasury purchased on the secondary market mature in Q4. The interest is not reported on the 1099-INT box 3. it is reported on the 1099-B in column 1f under accrued market discount. Even though it is in the 1099-B section, it will be reported on 1040 schedule B. This is the correct handling of the transaction. I do not know if it applies to you. But you can have a secondary market treasury mature and have 1099-INT correctly report as $0.
Purchasing US treasuries on the secondary market and/or selling early on the secondary market before maturity will be reported and potentially taxed differently than simply buying US treasuries at auction and holding through maturity, which is the OP's scenario (and many others, including mine).

Yes, in your case, the accrued market discount should get reported as interest income on IRS Form 1040 Schedule B, but if there was any gain in excess of that accrued market discount, that excess will need to be reported as capital gain on IRS Form 8949 / IRS Form 1040 Schedule D. Hence, E*TRADE's / MS's reporting of your transaction on 1099-B, not 1099-INT.
Thanks. I just looked over my records as a result of these responses. I did have a treasury bond bought on the secondary market mature on December 31. This was reported on the 1099-B. However, I also Bought a one year Tbill at auction that matured on December 28. This one is completely missing from the 1099. I am impressed by how many on this forum can identify this type of error.
For your T-Bonds, my understanding is that the interest that you have received should be on Box 3. If you buy in secondary market, then I think it will have a 1099-B also. Take a look at this thread. viewtopic.php?t=390405

My rudimentary understanding is the following: If you bought a $10,000 bond at $9,999 in secondary market, and during holding you earned $10, then at redemption, you were paid $10,000. Therefore $10 in Box 3 and $1 capital gain. If the $10 interest covers period another party was holding the bond, there will be a deduction from $10 as part of it belongs to someone else, so you do not get the $10 in its entirety and Box 3 will be adjusted accordingly. (But really not sure.)
Last edited by student on Sun Feb 11, 2024 5:46 pm, edited 1 time in total.
Ccthealias
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Etrade 1099 not looking correct

Post by Ccthealias »

[Thread merged into here --admin LadyGeek]

I just got my 1099s for Etrade and they don't look right and I am trying to understand if I might be missing something. My 1099 Is report 2.6K of dividends and $300 and tax exempt of interest off a portfolio account of 500K. In my 2023 Yearend statement, my "other" dividends" total $5K. SHouldnt the 1099 matches the Yearend statement at least directly.

Also some of the my sales they are not reporting the cost basis on my 1099 even through I see the sales listed in my transaction.

Anyone having the same issue with Etrade?
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student
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Re: Etrade 1099 not looking correct

Post by student »

Ccthealias wrote: Sun Feb 11, 2024 6:33 am I just got my 1099s for Etrade and they don't look right and I am trying to understand if I might be missing something. My 1099 Is report 2.6K of dividends and $300 and tax exempt of interest off a portfolio account of 500K. In my 2023 Yearend statement, my "other" dividends" total $5K. SHouldnt the 1099 matches the Yearend statement at least directly.

Also some of the my sales they are not reporting the cost basis on my 1099 even through I see the sales listed in my transaction.

Anyone having the same issue with Etrade?
Yes. We have issues. See viewtopic.php?f=2&t=423748
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Re: Etrade 1099 not looking correct

Post by jebmke »

The 1099 won’t necessarily match the statement but you should be able to reconcile the two. I always do this recon before starting my tax return.
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Re: Etrade 1099 not looking correct

Post by Ccthealias »

student wrote: Sun Feb 11, 2024 6:40 am
Ccthealias wrote: Sun Feb 11, 2024 6:33 am I just got my 1099s for Etrade and they don't look right and I am trying to understand if I might be missing something. My 1099 Is report 2.6K of dividends and $300 and tax exempt of interest off a portfolio account of 500K. In my 2023 Yearend statement, my "other" dividends" total $5K. SHouldnt the 1099 matches the Yearend statement at least directly.

Also some of the my sales they are not reporting the cost basis on my 1099 even through I see the sales listed in my transaction.

Anyone having the same issue with Etrade?
Yes. We have issues. See viewtopic.php?f=2&t=423748
Wow, I didn’t normally analyze my tax forms in details but I was doing it this year because I was looking to make some changes. I hope this is isolated to the merger. If there were issues in other tax year before I haven’t noticed. Yikes!
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by LadyGeek »

I merged Ccthealias' thread into the ongoing discussion.

(Thanks to the member who reported the post and explained what's wrong.)
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Re: Etrade 1099 not looking correct

Post by jebmke »

Ccthealias wrote: Sun Feb 11, 2024 6:52 am
student wrote: Sun Feb 11, 2024 6:40 am
Ccthealias wrote: Sun Feb 11, 2024 6:33 am I just got my 1099s for Etrade and they don't look right and I am trying to understand if I might be missing something. My 1099 Is report 2.6K of dividends and $300 and tax exempt of interest off a portfolio account of 500K. In my 2023 Yearend statement, my "other" dividends" total $5K. SHouldnt the 1099 matches the Yearend statement at least directly.

Also some of the my sales they are not reporting the cost basis on my 1099 even through I see the sales listed in my transaction.

Anyone having the same issue with Etrade?
Yes. We have issues. See viewtopic.php?f=2&t=423748
Wow, I didn’t normally analyze my tax forms in details but I was doing it this year because I was looking to make some changes. I hope this is isolated to the merger. If there were issues in other tax year before I haven’t noticed. Yikes!
It is a good practice to reconcile tax statements with financial statements. In addition to detecting errors, it helps to understand why they are sometimes different but still accurate. Even W2 vs. final pay stub will often have very significant reconciling adjustments that are legit.
Stay hydrated; don't sweat the small stuff
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student
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Re: Etrade 1099 not looking correct

Post by student »

Ccthealias wrote: Sun Feb 11, 2024 6:52 am
student wrote: Sun Feb 11, 2024 6:40 am
Ccthealias wrote: Sun Feb 11, 2024 6:33 am I just got my 1099s for Etrade and they don't look right and I am trying to understand if I might be missing something. My 1099 Is report 2.6K of dividends and $300 and tax exempt of interest off a portfolio account of 500K. In my 2023 Yearend statement, my "other" dividends" total $5K. SHouldnt the 1099 matches the Yearend statement at least directly.

Also some of the my sales they are not reporting the cost basis on my 1099 even through I see the sales listed in my transaction.

Anyone having the same issue with Etrade?
Yes. We have issues. See viewtopic.php?f=2&t=423748
Wow, I didn’t normally analyze my tax forms in details but I was doing it this year because I was looking to make some changes. I hope this is isolated to the merger. If there were issues in other tax year before I haven’t noticed. Yikes!
I also had issues last year. See viewtopic.php?t=396561
Geologist
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Re: Etrade 1099 not looking correct

Post by Geologist »

Ccthealias wrote: Sun Feb 11, 2024 6:33 am [Thread merged into here --admin LadyGeek]

I just got my 1099s for Etrade and they don't look right and I am trying to understand if I might be missing something. My 1099 Is report 2.6K of dividends and $300 and tax exempt of interest off a portfolio account of 500K. In my 2023 Yearend statement, my "other" dividends" total $5K. SHouldnt the 1099 matches the Yearend statement at least directly.

Also some of the my sales they are not reporting the cost basis on my 1099 even through I see the sales listed in my transaction.

Anyone having the same issue with Etrade?
Dividends declared in December but paid in January are taxable in December. Is it possible that you were paid dividends in January 2023 that were declared in December 2022? These would likely show up on your 2023 yearend statement but would not be on the 2023 1099 (they would have been on the 2022 1099).
Topic Author
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

No corrected form yet. Has anybody gotten a corrected one yet?
Smilodon
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Smilodon »

None for me yet. If I don't see one by this weekend, I will submit a ticket.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

Smilodon wrote: Mon Feb 19, 2024 4:27 pm None for me yet. If I don't see one by this weekend, I will submit a ticket.
You haven't called them? I call them on 2/7 and got a message saying it takes 7-10 business days.
Smilodon
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Smilodon »

student wrote: Mon Feb 19, 2024 4:34 pm You haven't called them? I call them on 2/7 and got a message saying it takes 7-10 business days.
I have not reached out to them yet. It's possible they now realize missing Treasury Bill income on 1099-INTs is a systemic issue and will need to batch run through all accounts. This assumption is somewhat supported by:
rambogleas wrote: Fri Feb 09, 2024 2:42 pm I have the same issue and just called E*TRADE. The front-line agent reached out to the internal Cost basis / Retirement & Tax team, and apparently, this a now considered a broader known issue affecting many customers, and 1099 corrections will be issued later in February. We shall see
terribleoneBMX
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by terribleoneBMX »

I opened a live chat last week (on the 15th) as I was curious what the time frame would be on the corrected 1099. They stated they should be available by 2/27.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

terribleoneBMX wrote: Tue Feb 20, 2024 9:21 am I opened a live chat last week (on the 15th) as I was curious what the time frame would be on the corrected 1099. They stated they should be available by 2/27.
Thanks for the info. It is the time frame for your case, or the time frame in general to correct it for everyone?
terribleoneBMX
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by terribleoneBMX »

student wrote: Tue Feb 20, 2024 9:30 am
terribleoneBMX wrote: Tue Feb 20, 2024 9:21 am I opened a live chat last week (on the 15th) as I was curious what the time frame would be on the corrected 1099. They stated they should be available by 2/27.
Thanks for the info. It is the time frame for your case, or the time frame in general to correct it for everyone?
That I'm not certain of, but they did confirm that this (matured T-Bills not being on 1099-INT Box 3 for the MS 1099) is a known issue impacting many. If I had to guess, I'd assume this would apply to everyone impacted vs. me individually (like, it's the date listed in the parent support case/knowledge base they reference when anyone reaches out to them with this issue), but it's just a guess.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

terribleoneBMX wrote: Tue Feb 20, 2024 9:59 am
student wrote: Tue Feb 20, 2024 9:30 am
terribleoneBMX wrote: Tue Feb 20, 2024 9:21 am I opened a live chat last week (on the 15th) as I was curious what the time frame would be on the corrected 1099. They stated they should be available by 2/27.
Thanks for the info. It is the time frame for your case, or the time frame in general to correct it for everyone?
That I'm not certain of, but they did confirm that this (matured T-Bills not being on 1099-INT Box 3 for the MS 1099) is a known issue impacting many. If I had to guess, I'd assume this would apply to everyone impacted vs. me individually (like, it's the date listed in the parent support case/knowledge base they reference when anyone reaches out to them with this issue), but it's just a guess.
Thanks.
Smilodon
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Smilodon »

A corrected 1099 was posted today and Box 3 now shows the interest from my Treasury Bills that matured in Q4 2023. The value is correct.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

Update. I logged on to the account and saw two corrected forms dated today. They have identical info except one of them only have the word "corrected" on the front page where as the second one has the word corrected on the front page as well as on the 1099 form (in the title). (Really, they can't even do this correctly on the first try?) The number in Box 3 is correct.

I did not update the title as resolved so others may also report on their experience.
Last edited by student on Fri Feb 23, 2024 5:42 pm, edited 2 times in total.
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by student »

Smilodon wrote: Fri Feb 23, 2024 5:32 pm A corrected 1099 was posted today and Box 3 now shows the interest from my Treasury Bills that matured in Q4 2023. The value is correct.
Did you have one or two? I got two. They have identical info except one of them only have the word "corrected" on the front page where as the second one has the word corrected on the front page as well as on the 1099 form (in the title).
Smilodon
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Re: Etrade 1099 issues again. [Incorrect, e.g. missing T-bill interest]

Post by Smilodon »

I only have one corrected 1099. Page two of the PDF "Re: Corrected Forms 1099 Document" is a letter of explanation, and page three of the PDF is titled "1099 Consolidated Tax Statement Tax Year 2023 - CORRECTED".
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