Waiting On Zecco To Finish My Taxes
Personal Finance
I am almost done with my taxes for 2007 and it looks like I will be getting a pretty hefty refund. Wasn’t quite my desire to give the government such a large 0% loan, but it was our first full year in a new home and my wife’s first year at her new job so we weren’t quite sure how things were going to shake out. Definitely going to have to make some adjustments for next year.
Unfortunately before I can put this refund to work I have to receive my 1099 from Zecco. They were granted an extension by the IRS and won’t be mailing out 1099′s until 2/18/08. It seems many other brokerage firms such as Fidelity and Vanguard did this as well because over the last few years CEF’s and some other companies re characterized income causing them to send out multiple revisions of their 1099s.
Guess I can’t fault them for that, but it is a bit annoying having to wait this extra time.
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For me, the culprits causing delayed 1099 forms are usually mutual funds (especially foreign funds), Exchange Traded Funds (ETFs), tax-free bonds, and dividend paying stocks. Even after receiving my last 1099 form, I still don’t consider it a green light for filing my taxes. I’ve found that the “corrected” 1099 forms are sometimes further corrected. One year, I didn’t get my last 1099 corrected until April!