Ameriprise Issues

[Yardley CPA]

Is anyone experiencing issues with Ameriprise and corrected 1099 forms.   I've had 3 clients contact me within the past two weeks informing me that Ameriprise phoned to let them know corrected 1099's were being issued?  Really?  At the end of March???  I recognize this happens from time to time but my experience finds Ameriprise to be the worst offender of this.  

[B. Jani]

I had one case but corrected already received few days back so I think I will be ok.

[jklcpa]

I had a corrected 1099 from First Clearing (a Wells Fargo advisor account) with divs, int, oid, and muni interest.  The change was a very small difference in the muni interest that had no effect on the federal return, and this person is a FL resident, so no amendment is needed. I was breathing a sigh of relief when I saw what the change was because this is one of my larger individual returns.

 

I have another return that's been completed for weeks now, and the client and I agreed to meet in April to file it because of one year when she received 3 separate corrections to her 1099s from her brokerage account. We caught 2 of them and then filed with the final corrected one arriving around 4/7 that year!  She opted to not amend because the difference in tax was about $20 and she decided to let the IRS bill her for it.  She's never received a bill yet, and that was 4-5 years ago, I think.

[Richcpaman]

Ameriprise?

 

Anyone using Raymond James?

 

Give me a "corrected" 1099 with all the totals. 

 

Raymond James does not do that.  They send out one with just the *new* info.  The first one would have interest of $2,000 and the next one has interest of $300 and you get to add them together.

 

Who thought that made sense?

 

Rich