So I got a corrected 1099-DIV from Scottrade... (07 dividends on 06 taxes?)

Discussion in 'Trading' started by IronFist, Mar 18, 2007.

  1. This has happened both years I have been with Scottrade. Do they normally mess up and then send a correction?

    Here's my question:

    The "corrected" one included a dividend paid by SPY on 1/31/07. I want to know why a dividend paid on 1/31/07 would appear on my 2006 tax information. The first one did not include that one.
  2. bump?
  3. Call them and have them send a revised 1099 - for the third time.


    Record date 19 December 2006
    Payable date 31 January 2007
    Ex-date 15 December 2006
  5. The only relevant date for IRS reporting is the payable date.


    Tax implications:

    * Some Mutual Funds may delay paying their year-end dividend until early January. However, the IRS requires that those dividends be constructively paid at the end of the previous year. So in these cases, you might find that a dividend paid in January was included in the previous year's 1099-DIV.

    * Sometime before January 31 of the next year, whoever paid the dividend will send you and the IRS a Form 1099-DIV to help you report this dividend income to the IRS.
  7. Look at that. Learn something new every day.

    You're right - just checked IRS Pub 550. I guess the IRS can't bear to wait another year for those dividend taxes.
  8. So it's correct as it is. Thanks. I figured there was a reason.