Registered: Oct 2012
10-17-12 03:24 AM
I'm new to trading (in term of knowledge) and as such, I'm afraid I made a huge mistake with my broker.
I just discovered that my broker filed my 1042-S tax form much lower than the taxes withheld in my monthly statements (this problem started since 08, when I opened an account with this broker, but never suspected that they'll "doctor" the tax form), after complaining with them, they said the discrepancies are due to "unreportable dividends", then I asked them to put it in writing, and they refused to comply. I'm thinking in filing a complaint with FINRA. Any one knows if FINRA accept this kind of complaint? Has any one had similar problem with brokers? Would you mind share your experience how to deal with this problem?
Here's my stupidity: It seems I hold the stocks for too long, and I guess the broker couldn't make money out of my trades, then they started to make money with my taxes.
Are there any trader who is:
- non-resident alien,
- has held stocks for some time or received dividends of their stocks,
- and taxes withheld for those dividends are different from the monthly statements and in 1042/1099 forms?
Any comment/suggestions are welcome. I'm paying painfully to learn this lesson.