Safe to File Income Tax Now?
|Fri 10 Aug, 2018 09:48|
Safe to File Income Tax Now?Hi,
I know this issue has been touched upon on other threads, but perhaps not as a "dedicated" conversation. Is it "safe" to file income tax returns now? The issue is the possibility of amended Forms-1099 from brokerages. Until a few years ago, it seemed that amended reporting came as late as early April. The main issues I noticed were corrections to "qualified' dividends and in the new-for-2012 requirement of brokerages to compute and report basis for "covered" securities. But it seems they've gotten all that ironed out now, and the two additional time allowed for them to get the reporting out (from Jan 31st to Feb 15th) has helped as well. On the other hand, there's the concern to file as soon as possible to prevent a fraudster from doing so first. Yet reports of that are almost non-existent this year, were low last year, and often involved the refundable Earned Income Tax Credit, which does not apply to me and perhaps many of us. I do NOT like the idea of filing an amended return later, but of course will do so if necessary. I'd rather take the small risk of fraud, by filing later rather than sooner, than the greater risk having to file an amended return later. But it does seem that perhaps we are now (March 3rd) at a point where the odds of an amended 1099 from a brokerage are small for tax year 2017 and perhaps it's time to file. What do you think?
I didn't find the right solution from the Internet.
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