What are the chances of corrected 1099s?

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BeginnerInNYC
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What are the chances of corrected 1099s?

Post by BeginnerInNYC » Mon Feb 12, 2018 5:50 pm

I just got my 1099s this afternoon from Vanguard. Every year on this forum, there are a number of threads about corrected 1099s. Many of them relate to the inconvenience of receiving corrected 1099s after you've already filed your return.

What do you think the chances are that Vanguard will issue corrected 1099s this year for clients who hold any of the common BH Vanguard mutual funds (such as total stock market, total international, total bond, intermediate term tax exempt, etc)?

This year, will you be filing your taxes ASAP, or filing an extension in anticipation of corrected 1099s?
Last edited by BeginnerInNYC on Mon Feb 12, 2018 6:08 pm, edited 3 times in total.

Easy Rhino
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Re: What are the chance of corrected 1099s?

Post by Easy Rhino » Mon Feb 12, 2018 5:53 pm

I think it was a few years ago that all my international holdings got corrected.

livesoft
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Re: What are the chance of corrected 1099s?

Post by livesoft » Mon Feb 12, 2018 5:55 pm

I'm filing an extension as always and will actually file in October. That way I have a reasonable chance that the software bugs will all be fixed by then. Oh, and the 1099s might be correct.

BTW, we had all our 1099s last week, but my spouse's employer is on the second round of corrected W-2s. :annoyed But in a gesture of goodwill her employer will reimburse folks who have already filed for having to file amended returns.
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123
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Re: What are the chances of corrected 1099s?

Post by 123 » Mon Feb 12, 2018 6:24 pm

The only corrected 1099s I've ever received have been in connection with international mutual funds or ETFs so that seems to be the main "risk" area from our experience.
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thangngo
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Re: What are the chances of corrected 1099s?

Post by thangngo » Mon Feb 12, 2018 6:27 pm

I got the corrected 1099s last year. It has international holdings. We usually file our return later in the summer.

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BolderBoy
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Re: What are the chances of corrected 1099s?

Post by BolderBoy » Mon Feb 12, 2018 6:40 pm

BeginnerInNYC wrote:
Mon Feb 12, 2018 5:50 pm
I just got my 1099s this afternoon from Vanguard.
Didn't you sign up for electronic delivery? I got my VG 1099s by January 16. Haven't seen them send a corrected 1099 and I've been with VG since 1991.

Then there is the broker I had to use last year as part of settling an estate. Got a letter from them last month stating that they'll be requesting the automatic extension of time to report so as to avoid having to send out "corrected" 1099s. They said they hope to have all 1099s delivered by April 1 but make no guarantee so be prepared to file for an extension, just in case.

Sigh.
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UpperNwGuy
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Re: What are the chances of corrected 1099s?

Post by UpperNwGuy » Mon Feb 12, 2018 6:45 pm

What is the latest date that Vanguard sends out a corrected 1099? Is there still time to make the April 15 deadline? I'm asking because this will be my first year with an international fund.
Last edited by UpperNwGuy on Mon Feb 12, 2018 6:52 pm, edited 1 time in total.

tibbitts
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Re: What are the chances of corrected 1099s?

Post by tibbitts » Mon Feb 12, 2018 6:49 pm

BeginnerInNYC wrote:
Mon Feb 12, 2018 5:50 pm
I just got my 1099s this afternoon from Vanguard. Every year on this forum, there are a number of threads about corrected 1099s. Many of them relate to the inconvenience of receiving corrected 1099s after you've already filed your return.

What do you think the chances are that Vanguard will issue corrected 1099s this year for clients who hold any of the common BH Vanguard mutual funds (such as total stock market, total international, total bond, intermediate term tax exempt, etc)?

This year, will you be filing your taxes ASAP, or filing an extension in anticipation of corrected 1099s?
The odds are 100% if you file now.

nps
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Re: What are the chances of corrected 1099s?

Post by nps » Mon Feb 12, 2018 7:26 pm

BolderBoy wrote:
Mon Feb 12, 2018 6:40 pm
BeginnerInNYC wrote:
Mon Feb 12, 2018 5:50 pm
I just got my 1099s this afternoon from Vanguard.
Didn't you sign up for electronic delivery? I got my VG 1099s by January 16.
You must not have a brokerage account with them

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Leesbro63
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Re: What are the chances of corrected 1099s?

Post by Leesbro63 » Mon Feb 12, 2018 7:33 pm

I sold shares of Vanguard REIT in my Vanguard mutual fund account (not brokerage). But there is no 1099-B. The site specifically says REIT related 1099 Forms won’t happen till mid February. Anyone get one by now?

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htdrag11
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Re: What are the chances of corrected 1099s?

Post by htdrag11 » Mon Feb 12, 2018 7:42 pm

Got mine today.

However, my cost basis page downloaded from Vanguard and my 1099's cost were off by a whopping $80k. It's the 1st time I notice such a drastic difference. My Vanguard account is about 20 years old, so everything has been with Vanguard for a long time. None was transferred over.

I'm not a happy camper. Will call them tomorrow.

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Leesbro63
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Re: What are the chances of corrected 1099s?

Post by Leesbro63 » Mon Feb 12, 2018 8:25 pm

htdrag11 wrote:
Mon Feb 12, 2018 7:42 pm
Got mine today.

However, my cost basis page downloaded from Vanguard and my 1099's cost were off by a whopping $80k. It's the 1st time I notice such a drastic difference. My Vanguard account is about 20 years old, so everything has been with Vanguard for a long time. None was transferred over.

I'm not a happy camper. Will call them tomorrow.
Does it matter? If it's an old account with non-covered securities (bought years ago), and you can prove your basis numbers, isn't it the case that Vanguard's cost basis numbers don't really matter?

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oneleaf
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Re: What are the chances of corrected 1099s?

Post by oneleaf » Mon Feb 12, 2018 11:17 pm

htdrag11 wrote:
Mon Feb 12, 2018 7:42 pm
Got mine today.

However, my cost basis page downloaded from Vanguard and my 1099's cost were off by a whopping $80k. It's the 1st time I notice such a drastic difference. My Vanguard account is about 20 years old, so everything has been with Vanguard for a long time. None was transferred over.

I'm not a happy camper. Will call them tomorrow.
Just in case you didn't know: The 1099-B summary on the first page will ONLY show cost basis for covered shares. If you have any noncovered shares sold there will be a huge gap between the reported cost basis on the summary and what you will eventually report. If this doesn't apply to you, you can ignore this!

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BolderBoy
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Re: What are the chances of corrected 1099s?

Post by BolderBoy » Mon Feb 12, 2018 11:22 pm

nps wrote:
Mon Feb 12, 2018 7:26 pm
BolderBoy wrote:
Mon Feb 12, 2018 6:40 pm
BeginnerInNYC wrote:
Mon Feb 12, 2018 5:50 pm
I just got my 1099s this afternoon from Vanguard.
Didn't you sign up for electronic delivery? I got my VG 1099s by January 16.
You must not have a brokerage account with them
Ahhhh. Right, I don't.
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kramer
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Re: What are the chances of corrected 1099s?

Post by kramer » Tue Feb 13, 2018 8:05 am

I prefer to prepare my taxes this month and file around April 8 or so. I own 5 Vanguard International ETFs in my taxable account. When there were corrected Vanguard 1099's in the past ... how late in the year did the corrections arrive?

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htdrag11
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Re: What are the chances of corrected 1099s?

Post by htdrag11 » Tue Feb 13, 2018 8:06 am

oneleaf wrote:
Mon Feb 12, 2018 11:17 pm


Just in case you didn't know: The 1099-B summary on the first page will ONLY show cost basis for covered shares. If you have any noncovered shares sold there will be a huge gap between the reported cost basis on the summary and what you will eventually report. If this doesn't apply to you, you can ignore this!
Thank you for the explanation.

Update 2-13-18. Yes. That was the case when I added up both the covered and the non-covered basis.

Lesson learned.
Last edited by htdrag11 on Tue Feb 13, 2018 3:09 pm, edited 1 time in total.

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samsoes
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Re: What are the chances of corrected 1099s?

Post by samsoes » Tue Feb 13, 2018 8:33 am

I'm filing as soon as Schwab makes 1099's available later this week. Everything else is set in TT and ready to go. Just need to plug in the Schwab numbers.

I file as soon as I can to reduce the chances of someone filing in my name first. I have no problem filing an amended return if need be at a later date. That's happened about 50% of the time in recent years, every time due to REIT calculation corrections. Since I finally ditched REITs from taxable in December, amended 1099s should be far less frequent in the future.
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Nowizard
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Re: What are the chances of corrected 1099s?

Post by Nowizard » Tue Feb 13, 2018 5:32 pm

We have never received a corrected 1099 from any company in the last 40 years, and we file our taxes as soon as possible in order to reduce the possibility of ID theft and fraudulent filing. Filed a fairly complex return four days ago.

Tim

RudyS
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Re: What are the chances of corrected 1099s?

Post by RudyS » Tue Feb 13, 2018 5:54 pm

Last year Vanguard sent a "corrected" form, which was wrong. They sent another "corrected" form which undid the first correction. YMMV. I filed before the first correction, then did nothing further.

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Re: What are the chances of corrected 1099s?

Post by livesoft » Tue Feb 13, 2018 6:47 pm

Got my first corrected 1099-MISC today.
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