Updated Form 1099 Download?

[Walt Bilofsky]

Has anyone dealt with downloading updated Form 1099s in Turbo Tax?

I'd like to start my taxes, but am afraid to download 1099s from FIs
because so many of them will issue revised 1099s in the next months.

Does Turbo Tax 2004 allow repeated downloads, and does it handle them
automatically?

If not, what's the best way to do it?

- Walt Bilofsky

[Andrew]

Walt Bilofsky wrote:
(snip snip snip) because so many of them will issue revised 1099s in the next months.

Walt - why? I am all done with my 2004 taxes and now you've got me worrying
if I should wait to file.
--
--
Regards -

- Andrew

[Walt Bilofsky]

"Andrew" <andrew@jkl.com> wrote:
Walt Bilofsky wrote: (snip snip snip) because so many of them will issue revised 1099s in the next months.Walt - why? I am all done with my 2004 taxes and now you've got me worryingif I should wait to file.--
If you have much income from corporate dividends, you might want to
wait.

Brokerage houses issued revised form 1099s in record numbers last
year, and are continuing to do so this year.

The main reason is the difference in taxation between qualifying and
non-qualifying corporate dividends. Companies can't always make the
proper calculations soon enough to meet the 1099 deadlines, and every
time one that you hold issues a revision, you get a new 1099.

I have already gotten notices from several brokerage houses
recommending not filing too soon. In two cases the notices were
stuffed in with a revised form 1099. See also
http://www.cpacomputerreport.com/NWinvestment1099.htm .

- Walt

[Mike L]

On Sat 26 Feb 2005 04:02:30p, Andrew wrote in
news:38c9raF5n6v19U1@individual.net:
Walt Bilofsky wrote: (snip snip snip) because so many of them will issue revised 1099s in the next months. Walt - why? I am all done with my 2004 taxes and now you've got me worrying if I should wait to file.

I just received "corrected" 1099s from one of my broker's in the mail
today. I have in the past received some as late as end of March or even
begining of April... haven't gotten one past tax day yet (knock on wood).

But don't worry too much. If you have only stocks (excluding REITs),
bonds, CDs etc. you probably won't have to worry about getting any
corrected 1099s. Some of the non-vanilla investments even have some
payouts in January that are counted as 2004 stuff and some issue a K-1
instead of 1099s.



--
Mike

[Andrew]

Walt, Mike L, thanks to both!

--
--
Regards -

- Andrew

[djebens]

Mike L wrote:
On Sat 26 Feb 2005 04:02:30p, Andrew wrote innews:38c9raF5n6v19U1@individual.net:Walt Bilofsky wrote:(snip snip snip)because so many of them will issue revised 1099s in the next months.Walt - why? I am all done with my 2004 taxes and now you've got meworrying if I should wait to file.
To answer the original ? -- yes you can download 1099's a second time
from your fi. TTax gives you the option which acc'ts to dl & then asks
if you want to overwrite the original if the $ am'ts are different. The
letter we received w/corrected 1099's indicated that final corrected
forms would be available for dl 03/31/05.
dj