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

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.

 

bump?

 

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

 

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.

 

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.

 

So it's correct as it is. Thanks. I figured there was a reason.