Taxes - 1099s

[Ben]

Anyone else wonder why it takes so long for the big investment places to generate 1099s? Both Vanguard and Ameritrade always tell me "by the second week in February".  Thirty years ago, I could understand this, but today? Seems like a couple of mouse clicks on their end can generate the e-forms  for all their clients on 02JAN (or later on some securities, but certainly within 24hrs of any cutoff dates).

[Devonai]

Their profits need to be passed through several reputable sources before being passed on to you, this takes time.

[230RN]

Lots simpler, of course, but I wrote a program that would generate my end of year reports for the poobahs by running a single dot-exe program.

It involved parsing out details from my data base to report about ten or twelve statistics that were needed.

I'd do this in the last week of October (end of fiscal year), and it would print out the required reports including my cover letter, I'd send them out, and not process anything else until the first weekday in November. 

I'd usually take a couple of days off in that period, and other people struggling with their annual reports would ask how I could afford to take time off in that period.

But that was a simpler time, and simpler software.

[Scout26]

Their profits need to be passed through several reputable sources before being passed on to you, this takes time.

The profits have already passed through.  This is just paperwork.

Often the reason is the .gov's fault.  Congress is in session, they can (and have) changed tax laws retroactively, especially with a change in the administration.   We are still trying to figure out if Trump's EO on the ACA applies to the "Shared Responsibility Payment" people owe for not having insurance.  It hasn't been an issue yet, as usually those without insurance file late in the tax season.

But with rumours of reducing both corporate and individual taxes, a bill could be introduced and sail through Congress quickly.

So everyone waits until the last minute to send out W-2's and 1099's just in case something does change. 

[Ben]

The profits have already passed through.  This is just paperwork.

That's kinda what I was thinking. Ameritrade lets me go to a page that breaks down everything that's on the 1099, and in even more detail, so I have the info I need, I just don't have the actual 1099 yet to send along to my CPA.

[wmenorr67]

Have all my W-2's, just waiting for a 1099-R to complete my taxes.  Not that I'm going to be in a hurry this year since it looks like between FED and OK I'm going to owe close to a $1000.