Where Are My 1099s?

The official due date for 1099s relating to investment information is February 15 and covers 1099 Composite forms issued by custodians, such as TD Ameritrade, Fidelity, and Charles Schwab. Although the filing date was changed several years ago, old habits are hard to shake, and we receive many calls looking for 1099s.

Further, despite the February 15 deadline, it is entirely possible that your 1099s may arrive through the end of February. The filing date for several 1099s, such as the 1099–INT and 1099-R, remains January 31 and relates to payments made by banks and retirement plans.

However, adding to the confusion, custodians often extend their February 15 due date to the end of the February to improve accuracy. While the delays are aggravating, there is little blame to throw around. Tax reporting is increasingly complicated, and more time is required to provide correct information. 

Of course, one of the problems with late reporting and reporting deadlines altogether, is the time pressure placed upon tax preparers and the potential for corrected 1099s. If your tax return is prepared by an accountant, it is best to ask the preparer how he/she would like you to provide information and how to best deal with the potential for late or corrected 1099s. In general, the custodians are not to blame for late 1099s or corrected forms, as they are mostly accumulating information provided to them from payors and mutual fund companies, which themselves are accumulating changing corporate information.   
For additional tax time preparation tips when working with a professional tax preparer, check out our other blogs.