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Discussion Starter · #1 ·
To set the stage.....I absolutely HATE doing taxes.....I mean really hate it......I never procrastinate about anything, but taxes, I wait until the last minute to file.

This year the wife and I decided no more procrastinating......we're going to get these friggin taxes done.

Well, we got them in early and 1 week after we filed we receive a corrected 1099-B from JP Morgan Chase......so we file an amended return.

Oh well.....that's done, but wait.....last Thursday we receive a 2nd corrected 1099-B from JP Morgan Chase, and had to file a 2nd amended return for this year.

I just can't win.
 

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JP Morgan Chase wouldn't get a chance to send me a 3rd.
 

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Don't you check to see if the 1099-B they send you is correct in the first place?

I've had to wait on what I knew was a correction coming many times over the years.

I'm a trader so my 1099-B's tend to be long, but checking against your account and the listed basis is a bit tedious but not hard, and can save time.
 

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How much of a change were the amendments? Why is that legal for them to do that?
Annoys the crap out of my that my employer waits until the last day to send my W2. They know what it is on 1/1/21 12:01am. They are just being #@icks.
 

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To set the stage.....I absolutely HATE doing taxes.....I mean really hate it......I never procrastinate about anything, but taxes, I wait until the last minute to file.

This year the wife and I decided no more procrastinating......we're going to get these friggin taxes done.

Well, we got them in early and 1 week after we filed we receive a corrected 1099-B from JP Morgan Chase......so we file an amended return.

Oh well.....that's done, but wait.....last Thursday we receive a 2nd corrected 1099-B from JP Morgan Chase, and had to file a 2nd amended return for this year.

I just can't win.
At least you amended it and took care of it...

I've gotten the letter from the IRS stating I had unclaimed income. It was capital gains from sale of an investment that we never received the tax form on.

By the time you get the letter you owe the interest and penalty. :fist:

In fact, we owed it, so wrote the check without question. No sense in giving them a reason to look back at my previous taxes or flag them going forward. :innocent:
 

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To set the stage.....I absolutely HATE doing taxes.....I mean really hate it......I never procrastinate about anything, but taxes, I wait until the last minute to file.

This year the wife and I decided no more procrastinating......we're going to get these friggin taxes done.

Well, we got them in early and 1 week after we filed we receive a corrected 1099-B from JP Morgan Chase......so we file an amended return.

Oh well.....that's done, but wait.....last Thursday we receive a 2nd corrected 1099-B from JP Morgan Chase, and had to file a 2nd amended return for this year.

I just can't win.
All these financial institutions are required to mail all relevant material no later than Jan 31 but they often fail to do so and inevitably give you a lame answer as to why.

So they procrastinate and you pay. The IRS could give a hoot less if your reason for being late is due to negligence on the part of your bank/brokerage account. They don't fine them, they fine you, it's easier for them that way.

Why should we expect the government to be working for us? Silly me, right? Don
 

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Discussion Starter · #12 ·
How much of a change were the amendments? Why is that legal for them to do that?
Annoys the crap out of my that my employer waits until the last day to send my W2. They know what it is on 1/1/21 12:01am. They are just being #@icks.
Amendments didn't change the bottom line.....they just had a couple numbers reversed on the 1099-B and added 1 line item that was less than $20.
 

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Discussion Starter · #13 ·
Don't you check to see if the 1099-B they send you is correct in the first place?

I've had to wait on what I knew was a correction coming many times over the years.

I'm a trader so my 1099-B's tend to be long, but checking against your account and the listed basis is a bit tedious but not hard, and can save time.
Unfortunately I didn't. I just used the summary (2 pages) instead of the detailed line items report (25 2 sided pages)
 

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At least you amended it and took care of it...

I've gotten the letter from the IRS stating I had unclaimed income. It was capital gains from sale of an investment that we never received the tax form on.

By the time you get the letter you owe the interest and penalty. :fist:

In fact, we owed it, so wrote the check without question. No sense in giving them a reason to look back at my previous taxes or flag them going forward. :innocent:

Same thing happened to me this year. Had to file an amendment and pay $10. I've still not received a confirmation letter that they have accepted it. They've got their $10 however...
 

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We gave up decades ago and use an accountant. We are not "rich" by any measure, but with income, forms, bank accounts, retirement accounts, stock sales, etc it is worth it to me to have someone else do the detail work.
 

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We gave up decades ago and use an accountant. We are not "rich" by any measure, but with income, forms, bank accounts, retirement accounts, stock sales, etc it is worth it to me to have someone else do the detail work.
....and that Accountant/services are deductible also!
 

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Could be much worse ---

Two years ago (2017 tax year) I got a letter from the IRS demanding $10 thousand something - no real reason given - at first I thought it was a scam - but the location they wanted me to send the payment was in fact a valid IRS address.

So I paid it - I am pretty careful when I file my taxes - I was a CPA in a past life and did taxes as my job - but lots of stuff has changed since 1983.

I paid it - and then a few days later got two requests from the IRS - one for me and an identical one for my wife.

They wanted support for every stock and option transaction I had done for the year (hundreds of them) - but also demanded copies of the account detail on every transaction.

The pile of paper was so thick I bought a special envelope so it would fit - one for me - identical set for my wife.

I send it off and hear nothing for months and months -

Then I get a letter saying the matter will be resolved by a specific date - I can't recall but I think it was September 15 - so I wait about a month - then I called the IRS. Got kicked around a few times and finally got to a person that had my case -

She got all crabby and said the letter we sent gave you a date that we will finalize our determination - and I needed to just wait until then.

Well I said - yes I know and that date was September 15TH this is October 17TH - silence for a few seconds - then she says - we have been busy!

So she promises to get my review done - and in a few weeks I got another letter -

It said they had only found $250 (some small amount) worth of adjustments - if I would accept their finding they would refund the rest of the money I had paid and close the case - if I wanted to contest the findings I could bla bla bla bla bla -

I decided to give up - even though at this point I was pretty sure I had done everything correctly - but it just was not worth it for a few hundred $ -

I signed and sent them the letter accepting their findings --

After a while I got a check from the IRS, almost $11K - it was the full amount I had paid + interest -

To this day I do not know WTF they did -- or why they did it -

I spent hours and hours putting all of this crap together - and it all ended up to be a total waste of time.

I am about 99% sure the original demand letter was totally computer driven - they ran my stuff through their system and it puked out something - and that got the ball rolling before a human ever got involved.
 

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I use to do my brothers taxes - it started in 1983 - and I stopped in 2018 -

I would get it all done - go through everything - he is a teacher but he also does some jobs on the side and gets 1099 -MISC

So ARE YOU SURE I HAVE ALL THE 1099-MISC forms?

Yes - that is all of them --

OK - I will be sending it tomorrow - if you find anything let me know right away -

Then I would wait a few days - then send it -

Then the next day I would get a call - I found another 1099-MISC for $900 - do you need it?
So I would file an amended return - which using TurboTax isn't that hard - but still a PITA.

After my last audit I decided it would be a nightmare from hell if my brother ever got audited - so it just wasn't worth it - so he now has an accountant doing his taxes -

Cost him $400 -- he was shocked and stunned - how could it be THAT much!


I should have sent him a bill for $14,000 (35 X $400).
 

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Yes, it must be a OCR computer program that scans tax returns and looks for key words or controversial write offs and a dollar amount cutoff.

I scour over my documents now after having issues in the past. Now that brokerages are required to keep basis information it is simpler.

I remember doing Mom's taxes after she passed. She kept every scrap of paper on her brokerage stuff except the price she bought it at.

I literally had to invent a basis based on my date range when she bought so I made it less advantageous to us and never heard a word about it.

The worst thing is, she had big losses and even when i could put them on Dad's taxes, he didn't live long enough to use up all the carryover capital losses.
 
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