Wednesday, February 11, 2009


Larry, I am trying to file my tax return but I can’t get the information from my broker. He says I have to wait. I thought you said that the 1099’s have to be out by January 31st. What’s the deal?


Olivia, I know that this is frustrating. We have several clients that are trying to get their returns done for school financial aid, or that have refunds coming that are in the same boat.

Here is the deal. Last year, Congress changed the due date from Jan. 31 to Feb. 15 for several forms: 1099-Bs, 1099-Ss and any 1099-MISC forms showing payments of lawyer fees or payments by brokers of substitute dividends or tax-exempt interest. The change also applies to brokers’ annual composite reporting statements sent to customers. This year, issuers get two extra days because Feb. 15 is a Sunday and the 16th is a holiday. Sorry, you just have to wait.

It is a pleasure serving you.

Larry Kopsa CPA