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Author Topic: 1099s are out  (Read 24335 times)

havastat

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Re: 1099s are out
« Reply #30 on: February 01, 2012, 07:50:03 pm »

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yankeefan

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Re: 1099s are out
« Reply #31 on: February 01, 2012, 08:42:47 pm »

I got a email announcing a corrected 1099. I didnt check for the differences yet
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Re: 1099s are out
« Reply #32 on: February 01, 2012, 10:39:43 pm »

I had sent an e-mail about the 1099 to Prosper as well Sunday morning.  Still no official reply on Prospers message system, but they did update my Consolidated Form 1099.

The updated 1099 eliminates the duplicate item I mentioned earlier.  It still differs from the result of simply adding the recoveries listed on Prosper.com account transactions in that:
(1) one loan for which I received recoveries is not mentioned on the 1099.
(2) the other loans have recovery totals on prosper.com that differ from the 1099 amounts by a few pennies.

I dont agree with the 1099, but considering my total is under $10, I think Im just sending it in the way Prosper reported it to the IRS, as long-term capital gains.
I got the duplicate items too and I email them. They say it was a known problem. They issue a new 1099 on 1-31-12. Now I added the total up and it is about $18 off from my lender statement. I too will be using the new 1099 because it seem like they have no idea what they are doing and like yours my total is less then $50. This is why I dont think Ill even invest on Prosper again it a nightmare when it comes to tax time. The last loan I invested was in 2007 and I still have to deal with Prosper loan recovery taxes. It good to get money back but Ill rather end this prosper thing once and for all.
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Investar

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Re: 1099s are out
« Reply #33 on: February 02, 2012, 08:28:46 am »

I got a email announcing a corrected 1099. I didnt check for the differences yet

Yeah, I received a fourth email an hour after my first post about the confusion explaining, "We recently notified you by email of the online availability of your 2011 tax statement (1099). If you retrieved your 1099 prior to January 31 at 6 AM PT, please discard the information as the statement contained an error that has since been corrected." So I guess were good to go.
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Xenon481

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Re: 1099s are out
« Reply #34 on: February 02, 2012, 09:53:14 am »

So I guess were good to go.

Except that they still have errors.

How can a financial company keep making so many basic math mistakes?

cubbiesnextyr

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Re: 1099s are out
« Reply #35 on: February 02, 2012, 10:56:05 am »

So I guess were good to go.

Except that they still have errors.

How can a financial company keep making so many basic math mistakes?

Im not sure theyre basic math mistakes rather than pulling the wrong data and/or duplicate data.
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DCS

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Re: 1099s are out
« Reply #36 on: February 09, 2012, 09:34:25 am »

Got a voicemail from someone at Prosper in response to my earlier message about the 1099-B.  He noted they fixed the duplicate item issue on Jan 31 and said Prosper checked with the IRS and they OKed the 1099-B procedure for reporting recoveries on loans that were previously claimed as a loss.

If I get a chance later today, Ill call back and inquire about other issues mentioned in this thread.
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xraider

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Re: 1099s are out
« Reply #37 on: February 10, 2012, 07:27:21 am »

Did he have any explanation as to why Prosper doesnt report losses? 
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DCS

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Re: 1099s are out
« Reply #38 on: February 10, 2012, 01:42:19 pm »

Did he have any explanation as to why Prosper doesnt report losses? 

Apparently they do report losses now.  On my 1099-B, whereas all my recoveries show a sale price alongside a cost basis of "-", my lone charge-off in 2011 shows a sale price of "-" alongside a cost basis.

Furthermore, I realized that the one loan for which I previously thought recoveries werent reported on the 1099-B were actually subtracted from the cost basis, as it was the same loan that charged-off in 2011.  So Prosper wasnt failing to report recoveries on a loan as I had stated earlier in this thread after all.

So, the only question I still had for Prosper when I left a return voicemail was why the numbers listed on the 1099-B are a few pennies off what is recorded on the Account Transactions page.  Not really that important, but I asked anyway...
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DCS

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Re: 1099s are out
« Reply #39 on: February 13, 2012, 12:23:09 pm »

Got a response to my voicemail about the "few pennies off" issue.  The Prosper rep says its due to lender fees taken from the recoveries.
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