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Frequent Contributor

Good morning.  Within the last 1.5 hours I downloaded 2019 IRS Form 1099-Div on some (but not all) of my mutual fund accounts.  I'm finding SIGNIFICANT ERRORS like the S&P 500 Index Fund (USPRX) not indicating Capital Gains when in fact we were paid both Long and Short Term Capital Gains on 17 Dec 19.  By the way, the transactions were clearly articualted (accurately) on the Year-End statement.  Would somebody please check their respective IRS Form(s) 1099-Div and let me know if I'm alone in my concern or if this is a systemic problem.  Thank you.

7 REPLIES

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Hello @Art59. I understand your concerns and will forward your inquiry to a subject matter expert. Once they do review they will be in contact with you. -Colleen

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Colleen:

 

Thank you for a reply on a Sunday.  I don't need a review; but instead I need corrective action.  Allow me to be more specific, I own seven mutual funds.  You posted five (of my seven) 1099-Div forms.  I have reviewed all five and all five are incorrect.  

 

Now, in fairness I realize this posting is on a Sunday of a three day weekend and you'll have quite a challenge finding a "subject matter expert" on a Sunday.  But I know I'm right and I'm just wondering if I'm the only one.  In other words, I'd feel a lot better if this were a systemic problem, USAA is fully aware and taking corrective action.  

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Ok fellow USAA members, please allow me to follow-up.  After a series of phone calls this morning this posting has been cleared up.  First, the five 2019 1099-Div forms I recieved are accurate.  However, they only relect 1 Jan 19-30 Jun 19.  On 1 Jul 19 Victory Capital took over so I'll be getting two 1099-Div for the five funds I referenced.  As for the other two funds that were not posted, well one (USIFX) didn't make distributions until December 2019 so I'm only going to recieve one 1099-Div (from Victory Capital.)  The final 1099-Div was my Money Market (USAXX) and essentailly  I had less then $10 in each half-year so I'll have to enter dividends (manually) from the annual statement.   

 

If Colleen is still out there...thank you and you can close this posting.

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Thank you for following up @Art59 . I am glad that everything is in order and will pass your message to Colleen. 

 

Thanks again for taking the time to post.

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You're not alone.  I downloaded my 1099-DIV on one account (USAA's tax exempt fund).  I found two DVs...same account....different amounts.   Contacted USAA but got Victory Capital.   Rep there replied both were correct; for dates you mentioned; that I would need both forms to file.   Obviously I must add both amounts, but no mention of this from USAA.   It's bad enough USAA sold my/our accounts to another company without notice, but now we have a different company handling money we collectively invested WITH OUR USAA!  Victory might be fine, but when I tracked back to check on that account, I found a complete disaster in information management.   Also: I went to my account today to buy another $1,000.00; cszn't just go top my accounts, pull up that account, and hit a button to buy (or sell) shares. Must go to generic mutual fund pager and find a button to buy shares.  Whether USAA or Vikctory designed this, it's as very poor IT process!!!!!   The USAA page doesn't even cite performance.   USAA iOS getting dumber and dumber.  

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oldesoldier - I understand your concerns and will engage a specialist to review your situation. Thanks for speaking up. - Jason

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I wanted to update this thread with the link to USAA's Tax Center. The FAQ section has been updated. You can find additional details here:

 

1. Naviage to the Tax Center FAQ Page: usaa.com/tax

2. Scroll midway down the page to "New This Year—Investments"

3. Click "Expand All"

Tax form FAQ Navigation.jpg

 

Thank you for taking the time to post. Please let us know if you have additional questions.