Author Topic: Tax Forms Jacked-Up  (Read 5328 times)

jpildis

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Tax Forms Jacked-Up
« on: February 01, 2013, 09:21:49 AM »
I just downloaded my and my wife's Prosper 1099s from Prosper and they are wrong... both have bogus entries in the charge-off sections that hugely inflate our losses.  Each 1099 had an extra entry that showed a single-loan loss that exceeds $4,000. 

Prosper is out of control.  Between this and the payment-posting delay last month, I'm getting a bad feeling about this operation.  Two very visible system/accounting issues is only the 'smoke' we can see... my fear is the extent of the fire we cannot see.

neals384

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Re: Tax Forms Jacked-Up
« Reply #1 on: February 01, 2013, 10:49:26 AM »
Yikes!  I thought mine was bad when I saw all the charge-offs categorized as long-term, when in fact they were held less than one year.  Also the 1099-B transactions don't add up to the totals on the 1099-B summary.  As best I can tell, folio sales have been omitted from the detail but included in the summary.

I don't see any bogus entries, though.  Good luck getting your $4,000 entry corrected!

Peter

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Re: Tax Forms Jacked-Up
« Reply #2 on: February 01, 2013, 11:53:18 AM »
There are definitely problems with the 1099-B. All my losses have been classified as long term even those notes that were held less than a year. Not that it makes much of a difference with losses but I am going to meet with my accountant next week to go through all this. I will also try and contact someone at Prosper.
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neals384

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Re: Tax Forms Jacked-Up
« Reply #3 on: February 09, 2013, 08:48:40 PM »
Corrected 1099s are now available to fix the long-term/short-term problem.  If you already downloaded your form, be sure to get the corrected one!

subdood

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Re: Tax Forms Jacked-Up
« Reply #4 on: February 14, 2013, 11:58:32 PM »
I had hundreds of note sales in December of 2012 but none of them show up on the original or Corrected 1099-B.
3 notes that were charged off are the only things that show on the Corrected 1099-B.
Anyone else have note sales in 2012 through FOLIOfn that didn't show up on their 1099-B?

rocco.g

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Re: Tax Forms Jacked-Up
« Reply #5 on: February 15, 2013, 12:10:29 AM »
Folio gives you a separate 1099-B.  You can download it from Folio under "My Account", "Statements".  I do not think that 2012 1099s have shown up yet though.

subdood

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Re: Tax Forms Jacked-Up
« Reply #6 on: February 15, 2013, 12:19:04 AM »
Before I posted I called FOLIO. They told me that Prosper does all of the 1099-B reporting and FOLIO is just the trading platform.
The statements on FOLIO are Trading Statements but not the actual 1099-B.
I'll call Prosper in the morning and report back.
« Last Edit: February 15, 2013, 12:35:15 AM by subdood »

subdood

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Re: Tax Forms Jacked-Up
« Reply #7 on: February 15, 2013, 11:57:17 AM »
Folio gives you a separate 1099-B.  You can download it from Folio under "My Account", "Statements".  I do not think that 2012 1099s have shown up yet though.

I believe you are right rocco.g.  I called Prosper and they told me that FOLIO takes care of the 1099-B for traded notes.  I think the guy that I spoke with last night from FOLIO was incorrect.  I found on FOLIO's web site that the date they have set for releasing the consolidated 1099's is Feb, 28th.  I'll wait patiently until then.

Peter

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Re: Tax Forms Jacked-Up
« Reply #8 on: February 28, 2013, 09:53:40 PM »
Just an fyi to everyone that Corrected Corrected 1099's from Prosper have just been released. Third time's the charm.
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subdood

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Re: Tax Forms Jacked-Up
« Reply #9 on: March 04, 2013, 08:47:02 PM »
Folio gives you a separate 1099-B.  You can download it from Folio under "My Account", "Statements".  I do not think that 2012 1099s have shown up yet though.

My 2012 1099-B has shown up today just as you said rocco.g.

rocco.g

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Re: Tax Forms Jacked-Up
« Reply #10 on: March 04, 2013, 10:00:33 PM »
My Folio 1099 has now shown up as well.  Just like last year the cost basis isn't filled in, so it looks like we have to wait for the "Lender End-of-Year Statement" from Prosper to find out what the adjusted cost basis should be.  (Hopefully they provide one again this year.)

Ronald

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Re: Tax Forms Jacked-Up
« Reply #11 on: March 06, 2013, 12:31:45 PM »
My Folio 1099 has now shown up as well.  Just like last year the cost basis isn't filled in, so it looks like we have to wait for the "Lender End-of-Year Statement" from Prosper to find out what the adjusted cost basis should be.  (Hopefully they provide one again this year.)

I asked about the year end summary, and it has been delayed.  It was supposed to be sent out 2/15 but now there is no ETA.  I use this for my year end tax reporting so its important for me.

Might help if you send in a customer support request to inquire about the form, maybe that can speed things up.