Jump to content
ATX Community

NT: You can't make this @$%& up


jasdlm
 Share

Recommended Posts

I emailed a client 10 days ago:  "I don't have your blah blah blah brokerage statement".

HIs response TODAY:  "I know.  I intentionally didn't send that to you because it is long".

Woe is me.  And tired is me.  Woe and tired.

  • Like 4
  • Haha 4
  • Thumbs Down 1
Link to comment
Share on other sites

I hate when a client sends me just page 1 of a 17 or 50 page brokerage 1099, because they think that's all I need. I tell them that their tax return is like a puzzle and if they don't give me all of the pieces I won't be able to complete the puzzle.

  • Like 8
Link to comment
Share on other sites

Most of the time we just need a few pages of those lengthy consolidated 1099s, BUT sometimes we do.  Today I worked on a client who moved back to the states after working abroad for a couple of years.  I had to go through all 65 pages of that tome to pull out the income/gains paid while he was a resident of the state he moved to.  I think the only times we really need the pages of dividends, etc. is for part-year residents of the states.  Of course, there are those call and put options that appear near the end, and the "other info" sheet alerting us to the fact that a PPT K-1 should be in the mix.

  • Like 4
Link to comment
Share on other sites

9 hours ago, TAXMAN said:

Or all the tax exempts in there that they do not make clear to which state it belongs to.

Usually, if it's not a state specific muni bond fund, the % for the resident state will be too small to matter, in most cases, especially since most state tax rates are low.

Link to comment
Share on other sites

10 hours ago, Sara EA said:

Most of the time we just need a few pages of those lengthy consolidated 1099s,

You should always look at every page of a lengthy 1099. Sometimes the amounts in the detail are higher than the 1099 amounts for things like bond premium amortization, and sometimes there's a missing basis for a stock sold. Or they might provide a US Gov % for each fund and if that amount is material, you need to know the dividends for just that fund.

  • Like 5
Link to comment
Share on other sites

Personal 1099's.

We have three regular accounts with Fidelity.  The interesting fact about the 1099's we receive is the difference.  The downloaded 1099 is different from what is sent in the mail.  The downloaded 1099 shows a breakdown of the dividends, but the mailed version just shows totals!

  • Like 2
Link to comment
Share on other sites

3 hours ago, Abby Normal said:

You should always look at every page of a lengthy 1099. Sometimes the amounts in the detail are higher than the 1099 amounts for things like bond premium amortization, and sometimes there's a missing basis for a stock sold. Or they might provide a US Gov % for each fund and if that amount is material, you need to know the dividends for just that fund.

Or, like the one I got yesterday ... a 1099 Misc on page 9 with $9k in oil royalties!  Why don't they put that close to the front!!!  I do look at every page, but when something like that happens, I get a little anxiety attack thinking about how I could have missed it.  For some reason, the same thing happens to me every time there's a number in Box 10 (dependent care) of the W2.  I missed one in my early days of practicing and Client got a notice of tax due, of course.  I paid the interest/penalty, client paid the tax, I apologized, and I still do that client's return (kids are long grown), but I've been anxious about that box every since ;).  Sometimes it slides over to the far left of the W2 and is easy for tired eyes to miss.  For a few years, I made myself initial every box 10 on every W2 (even for people with no or grown kids) just so I could sleep ;).  

  • Like 3
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...