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Prestigious Contributor

USAA posted important information relating to tax forms earlier this week. My confidence in both USAA and NFS accuracy and timeliness is about as much as stopping a run-away train.

 

"Review your brokerage account history and tax forms to make sure they reflect all your reportable account activity."

 

 "Tax forms may be updated as late as mid-April 2015, so make sure you have all your forms before using any filing method...."

 

Without trying to decipher what USAA is actually saying; does this mean the 1099's USAA is required (IRS Standard) to send out by the 2nd of February are not accurate and are going to be in error, an error that may not be resolved until mid-April?

 

 

 

3 REPLIES

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Pesimist,

Thank you for your question. Unfortunately, I do not have this answer. However, I will pass it on to get an answer for you for us to post. In the meantime you may get a faster response by calling USAA at 1-800-531-8722 or representative by clicking here to provide USAA with additional detail and your member information. 

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Some sentences in the letter seem to be written in Alan Greenspan-speak. In USAA's attempt to be informative the bottom line is that some forms will be attempted to be sent at some date but may be sent at a later date and the amounts on the forms should be proofread by the investor for accuracy. The problem is that if the figures differ from the investor's records, it is the form's figure that will be reported to the IRS. So if you have a more accurate, correct figure reported on your form the IRS computer comparison is going to be confused enough to trigger an audit.
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I have no faith in USAA, they have caused me nothing but stress and problems. I just received another 1099int in todays mail 03/03/15. These late arriving 1099's will cause me to do a second amendment to my completed tax return. USAA is the only bank I have trouble getting 1099's in a timely manor. I just want to be finished with USAA once and for all. I will never do business with USAA again.