Help…I still haven’t received my 1099

From the desk of Charlie McCullough

Charlie McCulloughI have never been described as a planner.  Most people would consider me a procrastinator.  This year, however, I got an early start on one of my least favorite jobs – getting the paperwork together for taxes.  I organized my receipts, and put everything into one neat and tidy little package.  I was so proud of myself…until I went back to double check everything.

To my horror I realized that I actually wasn’t ahead of the game.  In fact, I didn’t even have all the necessary documentation back from my investments.  I was missing one very crucial piece of my tax puzzle – a 1099 form for one of my key investments.  So I raced to the calendar to check the date…February 4?  How could that be?  I thought these forms are due on January 31, yet here I sit four days later without the proper documentation to take into my accountant.

So, I gave the friendly folks at Financial Fiduciaries a call and they assured me that all was okay.  It seems that the reporting date for some key investment funds has been pushed back to mid-February.  This means that I may not see my paperwork until the end of the month.  It appears that changes in the tax laws have created additional reporting requirements on the part of the brokerage houses.

tax returnsInvestment companies receive this necessary tax information from multiple issuers of stocks and bonds. They are then required to break this data into the different types of dividends and interests as noted on the investor’s 1099s. In recent years, many of the forms that were sent out in time to meet the January 31 deadline were incorrect and needed to be revised after the fact.

So the bottom line…I am as prepared as I can be right now, but I will need to wait a few more weeks before I can visit my accountant.

Charlie and Lisa McCullough are fictitious characters who are utilized to illustrate situations in which people might find themselves.  Their family and friends are also fictitious.  While their stories are inspired by actual situations encountered by Financial Fiduciaries professionals working with clients and prospective clients, they are not intended to provide any specific investment advice.  Each situation is different and any general advice provided in the context of these articles may not be suitable for all individuals.  Always consult a professional for advice specific to your situation.

About Objectively Speaking

Tom Batterman, founder of Vigil Trust & Financial Advocacy and Financial Fiduciaries, LLC is in the business of representing the best financial interests of his clients. Having provided objective, fee-only financial management services for over two decades, he specializes in managing the investment and related financial affairs of individuals and mutual insurance companies who do not have the time, interest or expertise to manage such matters on their own. As an objective, unbiased professional who takes on a fiduciary responsibility to his clients, he guides clients to the financial decisions they would make themselves if they had years of training and experience and the time and expertise to fully research and understand all of their options. Founded in 2010 as an outgrowth of Vigil Trust & Financial Advocacy, Financial Fiduciaries, LLC is a financial management solution for individuals and mutual insurance companies who recognize they do not have the time, interest or expertise to properly attend to their financial matters on their own. While there are many financial “advisors”, most of them have investment products to sell and the “advice” they provide is geared toward getting their clients to engage in a purchase. As one of the rare subset of advisors known as “fiduciary advisors”, Financial Fiduciaries does not sell any investment product so its guidance is not compromised by conflicts of interest which plague ordinary advisors. Prior to his employment in the financial industry in financial advocacy and trust positions, he worked at a private law practice in the Wausau area in the areas of estate planning, tax, retirement planning, corporate organizations and real estate. He is a graduate of the University of Wisconsin-Madison and the UW-Madison Law School and has during his career held Series 7, 24 and 65 securities licenses. A longtime resident of the Wausau, Wisconsin Area, Tom is active in the community. He enjoys golf, curling, skiing, fishing, traveling and spending time with his family.
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