Legacy Tax & Resolution Services

Ask the Taxman- If I haven’t received my 1099 from my broker but I know the exact amounts, can I still complete and submit my taxes, or will doing so

Ask the Taxman-  If I haven’t received my 1099 from my broker but I know the exact amounts, can I still complete and submit my taxes, or will doing so not help expedite its processing?

Source:  Quora

Answer:

The problem with filing without Form 1099, if you receive it later and it is a higher amount, you will need to amend your return to avoid an IRS notice for unreported income.

I would suggest that you wait. The deadline for filing 1099s is not until January 31.

IRS has announced that they will begin accepting efiled returns on February 12th

Requested by June Eleanor Loughty

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