Anyone Received a PreferredTrade 1099 Yet?

I have heard they are the slowest in the business. Has anyone
received their 1099 yet? How long does it usually take to get
theirs? I stopped trading with them last May, 2001. I sent them
an email last week, and of course, no reply. I guess I will have to
give them a call.

 

version..

i havent ever used preferredtrade.. but i dont have my cybertrader 1099 from penson yet.. all of the others made it here already though.. kind of a pain to chase these things down..

-qwik

 

It is a pain to chase these things down. I don't remember having
to wait for 1099's this late in February. I already have my 1099's
from my other brokers. Hopefully I will get my 1099 before my
tax is due!

 

yeah.. last year was a circus with soutwest securities.. they kept sending me corrected versions of my 1099 until mid march.. it was a good thing i didnt file early.. but legally they are supposed to send these things postmarked by Jan 31st.. so hopefully our forms are just hung up in the mail..

-qwik

 

Corrected 1099's until mid march? That must of been interesting.

I thought they were supposed to postmark them by Jan 31st. I
guess it might be hard for some of them to get it done in only
one month,what with all the thousands (millions)? of trades they
have to keep track of? Must be a headache for them too!

Darn thing will probably show up today, Monday. Hopefully our
forms won't get caught in the anti-terroist-have-to-check-it-for
anthrax mail bin!

 

Although that seems pretty goofy, in many cases it's mutual funds and REITs that are the problem. In fact, the IRC actually prevents them from determining the character of distributions until after the end of the year. I think the SIA had recommended an extra two weeks (until 2/15) for the mailing of recipients' 1099s for that very reason.

On the other hand, some of these folks appear to be confused about their obligations with respect to filing; although they have until the end of Feb. to send 1099s to the IRS, recipients' copies are supposed to be out the door by 1/31 (and the dollar amount is supposed to be correct).