Fidelity is late with 1099

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student
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Fidelity is late with 1099

Post by student » Thu Feb 13, 2020 9:22 pm

When I logged on Fidelity and checked on the tax form page, I was told that the consolidated 1099 will be ready by 2/29/20. It says it is delayed due to one fund (its own). I thought 2/15/20 is the deadline. Am I wrong?

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Re: Fidelity is late with 1099

Post by LadyGeek » Thu Feb 13, 2020 9:39 pm

This thread is now in the Personal Finance (Not Investing) forum (taxes).
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Re: Fidelity is late with 1099

Post by abner kravitz » Thu Feb 13, 2020 9:54 pm

I don't know what the deadline is, but I have not received my Fidelity 1099 by Feb 15 in several years. This year they tell me Feb 25. I don't expect a meaningful refund so I don't care that much.

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Re: Fidelity is late with 1099

Post by StrangePenguin » Thu Feb 13, 2020 10:07 pm

A quick Google search says that 2/15 is the "headline" deadline but a couple weeks ago my Merrill Edge account started showing a notice about how they were allowed to get an extension until the end of the month or some mumbo jumbo like that. Ironically, a few days ago my 1099 at ME appeared! I also have a small taxable holding at Fidelity. My account says my 1099 will be available 2/15. I hope it won't be delayed until the end of the month....

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student
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Re: Fidelity is late with 1099

Post by student » Thu Feb 13, 2020 10:34 pm

The offending fund causing the delay for me is Fidelity International Small Cap Opportunities Fund (FSCOX). I seem to remember I have this issues in the past. (This was purchased years ago before I joined BH.)

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Re: Fidelity is late with 1099

Post by NavyIC3 » Fri Feb 14, 2020 7:00 am

student wrote:
Thu Feb 13, 2020 10:34 pm
The offending fund causing the delay for me is Fidelity International Small Cap Opportunities Fund (FSCOX). I seem to remember I have this issues in the past. (This was purchased years ago before I joined BH.)
Possibly delayed due to the foreign tax credit.

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Re: Fidelity is late with 1099

Post by student » Fri Feb 14, 2020 7:14 am

NavyIC3 wrote:
Fri Feb 14, 2020 7:00 am
student wrote:
Thu Feb 13, 2020 10:34 pm
The offending fund causing the delay for me is Fidelity International Small Cap Opportunities Fund (FSCOX). I seem to remember I have this issues in the past. (This was purchased years ago before I joined BH.)
Possibly delayed due to the foreign tax credit.
Yes. Very likely. Thanks.

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Re: Fidelity is late with 1099

Post by Hockey10 » Fri Feb 14, 2020 7:50 am

student wrote:
Thu Feb 13, 2020 10:34 pm
The offending fund causing the delay for me is Fidelity International Small Cap Opportunities Fund (FSCOX). I seem to remember I have this issues in the past. (This was purchased years ago before I joined BH.)
I used to own some some investments that caused either a late 1099, or a corrected 1099 each year. I sold the investments in an effort to simplify my taxes.

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Re: Fidelity is late with 1099

Post by MikeG62 » Fri Feb 14, 2020 8:00 am

I am awaiting two 1099’s from Fidelity (and one from another broker). My Fidelity tax forms page says they will be available after 2/15/20. This seems to happen every year. Unfortunately, I’ve grown accustomed to it.
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Re: Fidelity is late with 1099

Post by Dottie57 » Fri Feb 14, 2020 8:02 am

student wrote:
Thu Feb 13, 2020 10:34 pm
The offending fund causing the delay for me is Fidelity International Small Cap Opportunities Fund (FSCOX). I seem to remember I have this issues in the past. (This was purchased years ago before I joined BH.)
I have FTIHX (total international) which is supposed to come out around 2/15.

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Re: Fidelity is late with 1099

Post by scrabbler1 » Fri Feb 14, 2020 8:15 am

A friend of mine had an account with Raymond James a few years ago and they once obtained an extension on getting his 1099 out which went well into March. Some of his funds were international, so it was probably one of those which caused the delay.

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Re: Fidelity is late with 1099

Post by Call_Me_Op » Fri Feb 14, 2020 8:36 am

Fidelity probably generates them late these days because one year they issued amended 1099s very late in the tax season, which probably upset many investors (certainly upset me).
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Re: Fidelity is late with 1099

Post by gd » Fri Feb 14, 2020 9:24 am

Esoteric funds will often have late reporting, it can easily stretch past February.

Other reasons are funds that recharacterize dividends and capital after year's end (not sure of terminology), to play games with income vs. capital. Not an expert, but my understanding is that this has some value to unusual tax situations such as trusts with distinctions between income vs. capital a trustee wishes to circumvent, or grandfathered tax treatments of old trusts that don't play well with modern investing strategies. Off topic, but it can justify an otherwise-high fund fee in some circumstances. I'd guess they're also snapped up by people thinking they're getting something for nothing (seeing high income, not aware of the diminishing capital).

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Re: Fidelity is late with 1099

Post by HueyLD » Fri Feb 14, 2020 9:28 am

Call_Me_Op wrote:
Fri Feb 14, 2020 8:36 am
Fidelity probably generates them late these days because one year they issued amended 1099s very late in the tax season, which probably upset many investors (certainly upset me).
+1.

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Re: Fidelity is late with 1099

Post by cookymonster » Fri Feb 14, 2020 10:12 am

I don't have mine from Chase YouInvest yet either. I think their site says it'll be up by 2/18.

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Re: Fidelity is late with 1099

Post by Pocanutin » Fri Feb 14, 2020 10:25 am

Mine is late also...ITOT Total Stock Fund ETF is holding mine up! Fidelity has never been this late before, although we usually have only one or two Fidelity funds in taxable account.
Very disappointing. Some of us have to get this stuff to accountants as soon as possible.

P

P.S. No foreign funds.
Last edited by Pocanutin on Fri Feb 14, 2020 10:28 am, edited 1 time in total.

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Re: Fidelity is late with 1099

Post by student » Fri Feb 14, 2020 10:26 am

cookymonster wrote:
Fri Feb 14, 2020 10:12 am
I don't have mine from Chase YouInvest yet either. I think their site says it'll be up by 2/18.
I think by 2/18 still "counts" as by 2/15 due to weekend and Presidents Day.

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Re: Fidelity is late with 1099

Post by thx1138 » Fri Feb 14, 2020 10:37 am

Call_Me_Op wrote:
Fri Feb 14, 2020 8:36 am
Fidelity probably generates them late these days because one year they issued amended 1099s very late in the tax season, which probably upset many investors (certainly upset me).
Absolutely. One year SPY reporting was wrong and one quarter's dividend payment was moved into the tax year. Had to do a whole amended federal and state tax returns because of that. Really, really, really annoying. So I completely understand why they are waiting at this point. Having taxes hovering over my head for a few extra weeks is way better than having to amend. Fidelity says to "check back" on 2/15 for ours because SPY is holding it up (as usual).

In other news Form 8606 is available today on freefillableforms as promised. A Valentine's gift from the IRS!

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Re: Fidelity is late with 1099

Post by pshonore » Fri Feb 14, 2020 2:19 pm

Pocanutin wrote:
Fri Feb 14, 2020 10:25 am
Mine is late also...ITOT Total Stock Fund ETF is holding mine up! Fidelity has never been this late before, although we usually have only one or two Fidelity funds in taxable account.
Very disappointing. Some of us have to get this stuff to accountants as soon as possible.

P

P.S. No foreign funds.
ITOT holds some REITs. A portion of their dividends may be subject to Section 199 and could a provide a small deduction. That may be the holdup
.

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Re: Fidelity is late with 1099

Post by H-Town » Fri Feb 14, 2020 2:45 pm

student wrote:
Thu Feb 13, 2020 9:22 pm
When I logged on Fidelity and checked on the tax form page, I was told that the consolidated 1099 will be ready by 2/29/20. It says it is delayed due to one fund (its own). I thought 2/15/20 is the deadline. Am I wrong?
I don’t mind Fidelity delaying their 1099. I pay tax and extend on April 15, and I file tax return in October.

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Re: Fidelity is late with 1099

Post by Pocanutin » Fri Feb 14, 2020 3:16 pm

pshonore:

Thanks for the info regarding reits..AFter reading some of the responses here, I have cooled down somewhat and agree that it is better to be late than have to file correction. :happy

P

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Re: Fidelity is late with 1099

Post by CardinalRule » Sat Feb 15, 2020 12:25 am

Mine is finally available this evening (February 14).

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Re: Fidelity is late with 1099

Post by MisterBill » Sat Feb 15, 2020 1:07 am

CardinalRule wrote:
Sat Feb 15, 2020 12:25 am
Mine is finally available this evening (February 14).
Yes, for me as well. I hold the standard 3 index funds (actually 4 since I have some in the old foreign index fund and some in the new one). Was able to download into Turbotax.

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Re: Fidelity is late with 1099

Post by TropikThunder » Sat Feb 15, 2020 1:29 am

Substitute "Vanguard" for "Fidelity" and this thread would have 100 comments about how Vanguard is such a horrible brokerage, and many a pitchfork would be sharpened, many a torch set alight. :twisted:

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Re: Fidelity is late with 1099

Post by pyld76 » Sat Feb 15, 2020 10:47 am

TropikThunder wrote:
Sat Feb 15, 2020 1:29 am
Substitute "Vanguard" for "Fidelity" and this thread would have 100 comments about how Vanguard is such a horrible brokerage, and many a pitchfork would be sharpened, many a torch set alight. :twisted:
I’ll tell you why that is. Today is the day when Fido told me they’d have me my 1099 (consolidated) for my brokerage account; they did. They gave me a date and on that date there it was.

Vanguard, who was for part of this year the custodian of exactly the same funds and for the entire year was the fund provider for the same funds has given me a vague promise of “mid February” and not so much as a hint of any 2019 tax documents.

So, I’ll commit a logical fallacy here that’s apropos: some stereotypes are funny/annoying/ironic because they are true. Vanguard, at least from the circumstances in my case, is a demonstrably worse at playing broker than Fido, as Fido managed to get me my tax docs inclusive of the same vanguard funds which vanguard has me high and dry on. I trust that irony isn’t lost on anyone, and frankly is one of many things which has minimized any regret on my part about taking my custody business to a party interested in being competent at it.

It’s not pitchforks. Vanguard is a JV custodian

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Re: Fidelity is late with 1099

Post by Dottie57 » Sat Feb 15, 2020 10:51 am

Fidelity has all my tax docs! They gave 2/15 as the date and it is on the website! Yea! Will start my taxes this weekend!
Last edited by Dottie57 on Sat Feb 15, 2020 10:52 am, edited 1 time in total.

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Re: Fidelity is late with 1099

Post by Pocanutin » Sat Feb 15, 2020 10:52 am

Got mine today!!!
P

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Re: Fidelity is late with 1099

Post by HueyLD » Sat Feb 15, 2020 10:56 am

One small issue.

The “Percentage of Income from U.S. Government Obligations” information is still unavailable.

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Re: Fidelity is late with 1099

Post by MN-Investor » Sat Feb 15, 2020 11:06 am

HueyLD wrote:
Sat Feb 15, 2020 10:56 am
One small issue.

The “Percentage of Income from U.S. Government Obligations” information is still unavailable.
Exactly my issue. They just posted my 1099, so I have that. I just can't complete my tax return until I have that U.S. Government Obligation piece.

By the way, if Fidelity puts your cash into Fidelity Government Money Market (SPAXX), some of that interest if from U.S. Government Obligations and so may not be taxable on your state tax returns. That's the information I'm waiting for.
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Re: Fidelity is late with 1099

Post by Dottie57 » Sat Feb 15, 2020 11:29 am

MN-Investor wrote:
Sat Feb 15, 2020 11:06 am
HueyLD wrote:
Sat Feb 15, 2020 10:56 am
One small issue.

The “Percentage of Income from U.S. Government Obligations” information is still unavailable.
Exactly my issue. They just posted my 1099, so I have that. I just can't complete my tax return until I have that U.S. Government Obligation piece.

By the way, if Fidelity puts your cash into Fidelity Government Money Market (SPAXX), some of that interest if from U.S. Government Obligations and so may not be taxable on your state tax returns. That's the information I'm waiting for.
Thanks for the information.

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Re: Fidelity is late with 1099

Post by MN-Investor » Sat Feb 15, 2020 12:03 pm

Dottie57 wrote:
Sat Feb 15, 2020 11:29 am
MN-Investor wrote:
Sat Feb 15, 2020 11:06 am
By the way, if Fidelity puts your cash into Fidelity Government Money Market (SPAXX), some of that interest if from U.S. Government Obligations and so may not be taxable on your state tax returns. That's the information I'm waiting for.
Thanks for the information.
By the way, you'll be able to find the information for SPAXX from this page: Fidelity Mutual Fund Tax Information

For 2018, 56.16% of SPAXX was attributable to U.S. Government Obligations.
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Re: Fidelity is late with 1099

Post by scrabbler1 » Sat Feb 15, 2020 2:04 pm

scrabbler1 wrote:
Fri Feb 14, 2020 8:15 am
A friend of mine had an account with Raymond James a few years ago and they once obtained an extension on getting his 1099 out which went well into March. Some of his funds were international, so it was probably one of those which caused the delay.
My friend's Fidelity 1099 which had been delayed a few weeks, just came on line today. I do his taxes, so I downloaded it and replaced my estimates with Fido's actual figures. I still got thrown a few curves, but he will be pleased to hear he will owe a little bit less in April than I had estimated.

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Re: Fidelity is late with 1099

Post by MikeG62 » Sat Feb 15, 2020 2:24 pm

Got mine today as well.

Now I’m waiting on UBS. Then I’ll have everything I need.
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Re: Fidelity is late with 1099

Post by cookymonster » Sat Feb 15, 2020 2:28 pm

I finally got my Chase YouInvest today. Time to file!

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Re: Fidelity is late with 1099

Post by Dottie57 » Sat Feb 15, 2020 3:52 pm

MN-Investor wrote:
Sat Feb 15, 2020 12:03 pm
Dottie57 wrote:
Sat Feb 15, 2020 11:29 am
MN-Investor wrote:
Sat Feb 15, 2020 11:06 am
By the way, if Fidelity puts your cash into Fidelity Government Money Market (SPAXX), some of that interest if from U.S. Government Obligations and so may not be taxable on your state tax returns. That's the information I'm waiting for.
Thanks for the information.
By the way, you'll be able to find the information for SPAXX from this page: Fidelity Mutual Fund Tax Information

For 2018, 56.16% of SPAXX was attributable to U.S. Government Obligations.
Thank you! I did find the previous years info. In 2019, I had less than $15.00 in income from SPAXX. However, 2020 I will have much more due to storing cash in SPAXX for a large purchase. It is really nice to get this info from fellow bogleheads. Might have forgotten about tax exempt. No I have a note in my 2020 tax folder!

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Re: Fidelity is late with 1099

Post by student » Sat Feb 15, 2020 3:59 pm

Still says 2/29 for me. I have 1099s from other places including Vanguard.

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Re: Fidelity is late with 1099

Post by MisterBill » Sun Feb 16, 2020 5:54 pm

Never mind, I see you already know which fund is causing the delay. But I don't know why you're comparing it to Vanguard. You don't hold that fund there.
Last edited by MisterBill on Sun Feb 16, 2020 5:55 pm, edited 2 times in total.

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Re: Fidelity is late with 1099

Post by student » Sun Feb 16, 2020 5:55 pm

MisterBill wrote:
Sun Feb 16, 2020 5:54 pm
student wrote:
Sat Feb 15, 2020 3:59 pm
Still says 2/29 for me. I have 1099s from other places including Vanguard.
It should tell you which fund/stock it's waiting for info from if you click on the link next to the expected date.
Yes it did. I reported earlier that it is Fidelity International Small Cap Opportunities Fund (FSCOX).

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Re: Fidelity is late with 1099

Post by MisterBill » Mon Feb 17, 2020 10:43 pm

student wrote:
Sun Feb 16, 2020 5:55 pm
MisterBill wrote:
Sun Feb 16, 2020 5:54 pm
student wrote:
Sat Feb 15, 2020 3:59 pm
Still says 2/29 for me. I have 1099s from other places including Vanguard.
It should tell you which fund/stock it's waiting for info from if you click on the link next to the expected date.
Yes it did. I reported earlier that it is Fidelity International Small Cap Opportunities Fund (FSCOX).
Just so you know, it goes both ways, I hold Vanguard Real Estate ETF (VNQ) in one of my accounts and for the fourth year in a row I have received a Pending 1099 because of it. Fortunately the 1099 has always come out at the end of the month. Not sure why they always require extra time for that ETF.

I just found a post on another site titled "Late Brokerage 1099 Forms & IRS Mailing Deadlines" from 2014 where the person mentions that he got a revised 1099 one year. The ETF that caused it? VNQ.

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Re: Fidelity is late with 1099

Post by FIREchief » Mon Feb 17, 2020 10:48 pm

TropikThunder wrote:
Sat Feb 15, 2020 1:29 am
Substitute "Vanguard" for "Fidelity" and this thread would have 100 comments about how Vanguard is such a horrible brokerage, and many a pitchfork would be sharpened, many a torch set alight. :twisted:
My last Fidelity 1099 didn't show up until Feb 15...….because they were waiting for VG to provide VTI data! :twisted: Hah!!
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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student
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Re: Fidelity is late with 1099

Post by student » Tue Feb 18, 2020 9:59 am

MisterBill wrote:
Mon Feb 17, 2020 10:43 pm
student wrote:
Sun Feb 16, 2020 5:55 pm
MisterBill wrote:
Sun Feb 16, 2020 5:54 pm
student wrote:
Sat Feb 15, 2020 3:59 pm
Still says 2/29 for me. I have 1099s from other places including Vanguard.
It should tell you which fund/stock it's waiting for info from if you click on the link next to the expected date.
Yes it did. I reported earlier that it is Fidelity International Small Cap Opportunities Fund (FSCOX).
Just so you know, it goes both ways, I hold Vanguard Real Estate ETF (VNQ) in one of my accounts and for the fourth year in a row I have received a Pending 1099 because of it. Fortunately the 1099 has always come out at the end of the month. Not sure why they always require extra time for that ETF.

I just found a post on another site titled "Late Brokerage 1099 Forms & IRS Mailing Deadlines" from 2014 where the person mentions that he got a revised 1099 one year. The ETF that caused it? VNQ.
Thanks for the info. I guess another plus for a 3-fund portfolio, less chance of such a delay.

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Re: Fidelity is late with 1099

Post by MisterBill » Tue Feb 18, 2020 10:40 am

student wrote:
Tue Feb 18, 2020 9:59 am
Thanks for the info. I guess another plus for a 3-fund portfolio, less chance of such a delay.
Or hold the offending funds/ETF's in an IRA so tax information is not important.

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Re: Fidelity is late with 1099

Post by HueyLD » Tue Feb 18, 2020 2:17 pm

HueyLD wrote:
Sat Feb 15, 2020 10:56 am
One small issue.

The “Percentage of Income from U.S. Government Obligations” information is still unavailable.
That form is finally available. Thank goodness!

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Re: Fidelity is late with 1099

Post by pshonore » Tue Feb 18, 2020 3:00 pm

FIREchief wrote:
Mon Feb 17, 2020 10:48 pm
TropikThunder wrote:
Sat Feb 15, 2020 1:29 am
Substitute "Vanguard" for "Fidelity" and this thread would have 100 comments about how Vanguard is such a horrible brokerage, and many a pitchfork would be sharpened, many a torch set alight. :twisted:
My last Fidelity 1099 didn't show up until Feb 15...….because they were waiting for VG to provide VTI data! :twisted: Hah!!
Most likely that was the split out of Section 199 Dividends. Has the same problem with ITOT.

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Re: Fidelity is late with 1099

Post by FIREchief » Tue Feb 18, 2020 4:36 pm

pshonore wrote:
Tue Feb 18, 2020 3:00 pm
FIREchief wrote:
Mon Feb 17, 2020 10:48 pm
TropikThunder wrote:
Sat Feb 15, 2020 1:29 am
Substitute "Vanguard" for "Fidelity" and this thread would have 100 comments about how Vanguard is such a horrible brokerage, and many a pitchfork would be sharpened, many a torch set alight. :twisted:
My last Fidelity 1099 didn't show up until Feb 15...….because they were waiting for VG to provide VTI data! :twisted: Hah!!
Most likely that was the split out of Section 199 Dividends. Has the same problem with ITOT.
Could be. I did notice that Section 199 dividends and had to go educate myself on what they were about (education still ongoing :P ). Do these dividends only affect me if as an individual I have business related income?
I am not a lawyer, accountant or financial advisor. Any advice or suggestions that I may provide shall be considered for entertainment purposes only.

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Re: Fidelity is late with 1099

Post by pshonore » Tue Feb 18, 2020 4:40 pm

FIREchief wrote:
Tue Feb 18, 2020 4:36 pm
pshonore wrote:
Tue Feb 18, 2020 3:00 pm
FIREchief wrote:
Mon Feb 17, 2020 10:48 pm
TropikThunder wrote:
Sat Feb 15, 2020 1:29 am
Substitute "Vanguard" for "Fidelity" and this thread would have 100 comments about how Vanguard is such a horrible brokerage, and many a pitchfork would be sharpened, many a torch set alight. :twisted:
My last Fidelity 1099 didn't show up until Feb 15...….because they were waiting for VG to provide VTI data! :twisted: Hah!!
Most likely that was the split out of Section 199 Dividends. Has the same problem with ITOT.
Could be. I did notice that Section 199 dividends and had to go educate myself on what they were about (education still ongoing :P ). Do these dividends only affect me if as an individual I have business related income?
Evidently some portion of REIT dividends are considered qualified business income for REIT investors

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student
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Re: Fidelity is late with 1099

Post by student » Tue Feb 18, 2020 4:42 pm

Update: I received an email from Fidelity stating that it may be delayed until March 6.

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Re: Fidelity is late with 1099

Post by student » Tue Feb 18, 2020 4:43 pm

MisterBill wrote:
Tue Feb 18, 2020 10:40 am
student wrote:
Tue Feb 18, 2020 9:59 am
Thanks for the info. I guess another plus for a 3-fund portfolio, less chance of such a delay.
Or hold the offending funds/ETF's in an IRA so tax information is not important.
That's is definitely an attraction but I don't want to sell as I am trying to delay paying capital gain tax.

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Re: Fidelity is late with 1099

Post by pshonore » Tue Feb 18, 2020 5:44 pm

student wrote:
Tue Feb 18, 2020 4:42 pm
Update: I received an email from Fidelity stating that it may be delayed until March 6.
Sounds like an ROC situation. Some equity you own is declaring some of their dividends as return of capitol i.e a non-dividend distribution and has not determined the final breakdown. That means its not taxable when received but lowers your basis and will be taxed as cap gain if and when you sell it. I have the same situation at Fido.

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