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Started By
Message
Why do stock 1099s take so long for banks to generate?
Posted on 1/31/25 at 6:15 am
Posted on 1/31/25 at 6:15 am
Mine isn’t going to be available until the end of Feb. what complicates them?
4
Posted on 1/31/25 at 6:37 am to C
Would love a good answer to this as well.
Posted on 1/31/25 at 8:48 am to C
Do you have mutual funds? REITs? MBS?
If you have only stocks and bonds, should be very simple.
Mutual funds take time as they have to figure out cap gain distributions.
REITs take time to figure out what is a dividend vs non-dividend.
MBS (mortgage backed securities) have issues with what is interest vs what is principal, plus, deferred obligation issues.
Additionaly, you have companies who merge, so issues with how to treat merger payments, etc.
FInally, the IRS has been going hard on the brokers for having to issue corrected 1099s, which also cost the brokers time and money to process. They would rather wait a couple of weeks to be better sure they don't need to issue a correction.
If you have only stocks and bonds, should be very simple.
Mutual funds take time as they have to figure out cap gain distributions.
REITs take time to figure out what is a dividend vs non-dividend.
MBS (mortgage backed securities) have issues with what is interest vs what is principal, plus, deferred obligation issues.
Additionaly, you have companies who merge, so issues with how to treat merger payments, etc.
FInally, the IRS has been going hard on the brokers for having to issue corrected 1099s, which also cost the brokers time and money to process. They would rather wait a couple of weeks to be better sure they don't need to issue a correction.
This post was edited on 1/31/25 at 8:50 am
Posted on 1/31/25 at 8:49 am to C
It's not just stocks. I'm waiting on them from at least two banks with savings accounts. Half of my banks delivered by the 15th, and the rest just trickle in a few days apart. This shouldn't be that hard.
Posted on 1/31/25 at 9:14 am to LemmyLives
It really does compress the time to do the actual filing when I generally won't even have all the paperwork available until middle of February.
There must be a tremendous amount of system inefficiencies for it to take as long as it does. This should all be automated with strong system and process controls in place.
There must be a tremendous amount of system inefficiencies for it to take as long as it does. This should all be automated with strong system and process controls in place.
Posted on 1/31/25 at 10:16 am to lynxcat
quote:
strong system and process controls in place
COBIT isn't a framework for urgency or efficiency. There are daily, weekly, and monthly batches at every bank, and yet tax time is "rando batch," of "we'll inform you when it's ready." Ludicrous.
Posted on 2/1/25 at 4:53 am to LSUFanHouston
Thanks for the reply. Why does the bank make those determinations and not the company when it issues a div or interest payment etc? Seems like each of those items would just be flagged at the time of the event. Anyways…
Posted on 2/1/25 at 8:14 am to C
I have everything except my eTrade statement.
You'd think they would keep a running tab and get the 2024 report faster than six weeks.
You'd think they would keep a running tab and get the 2024 report faster than six weeks.
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