Author Topic: 2013 Consolidated 1099s Available!  (Read 28883 times)

New Jersey Guy

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Re: 2013 Consolidated 1099s Available!
« Reply #15 on: January 31, 2014, 10:55:43 AM »
Quote
Huh, mine isn't posted.

You know what?  I could have sworn seeing my tax statement a couple of days ago.  It was like 60-sum pages long. 
Now it's not there! 
Return over deposits:   66.82%
IRR:   86.54%
As of April 30, 2014

cnmor54

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Re: 2013 Consolidated 1099s Available!
« Reply #16 on: January 31, 2014, 11:02:12 AM »
Mine was there last night but now it's gone  :-[

core

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Re: 2013 Consolidated 1099s Available!
« Reply #17 on: January 31, 2014, 11:27:52 AM »
Mine has disappeared as well.  Last year Prosper had to send out like 2 corrections to everyone, as I recall.  What I think happened here is LC discovered a mistake and yanked them all.  More incompetence.  Is anyone really surprised?

Assuming there was a mistake, I'd like to know what's going to happen to the people who downloaded theirs last night and are already doing their taxes?  From history we know that Lending Club is not going to send out a massive email saying they screwed up.

By the way yojoakak, nice job on that Atari photo, if that's your handiwork.  Strange that they'd be hosting anything on Amazon when they have all those EdgeCast servers at their disposal, which are well suited for static content.

Randawl

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Re: 2013 Consolidated 1099s Available!
« Reply #18 on: January 31, 2014, 11:55:18 AM »
Mine has disappeared as well.  Last year Prosper had to send out like 2 corrections to everyone, as I recall.  What I think happened here is LC discovered a mistake and yanked them all.  More incompetence.  Is anyone really surprised?

Assuming there was a mistake, I'd like to know what's going to happen to the people who downloaded theirs last night and are already doing their taxes?  From history we know that Lending Club is not going to send out a massive email saying they screwed up.

They had to send out a corrected one last year after I had already used the original to file my taxes.  I'll be interested to see what mistakes were made this time.  Although if I recall correctly, there weren't many significant changes.

SkaXc0re77

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Re: 2013 Consolidated 1099s Available!
« Reply #19 on: January 31, 2014, 04:55:20 PM »
Lots of questions, but I am sure I am not alone:

How do I do the trades on Folio - I have $662.80 subtotal of shortterm transactions for which the basis is NOT reported to the IRS. So basically I must add up my basis and report it myself?  (Thank goodness I don't have 600 pages like some of you if that is the case). 

The 1099-B (recoveries of charged off loans), is that included in the 1099-OID number? Or I have to add that as additional income?

And the Charge Off Report isn't reported at all so I must net that off myself too?

Is it also acceptable to net off the cost of the Interest Radar sub for the year since it is used to generate this investment income?

Any help is ... helpful!



Cries

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Re: 2013 Consolidated 1099s Available!
« Reply #20 on: January 31, 2014, 05:12:40 PM »
Lots of questions, but I am sure I am not alone:

How do I do the trades on Folio - I have $662.80 subtotal of shortterm transactions for which the basis is NOT reported to the IRS. So basically I must add up my basis and report it myself?  (Thank goodness I don't have 600 pages like some of you if that is the case). 

The 1099-B (recoveries of charged off loans), is that included in the 1099-OID number? Or I have to add that as additional income?

And the Charge Off Report isn't reported at all so I must net that off myself too?

Is it also acceptable to net off the cost of the Interest Radar sub for the year since it is used to generate this investment income?

Any help is ... helpful!

Yea, fuck these guys.  Could LendingClub be any less helpful?

Im one of the people with 600pages of trades.


SkaXc0re77

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Re: 2013 Consolidated 1099s Available!
« Reply #21 on: January 31, 2014, 05:18:16 PM »
also assuming I do need to find my own folio basis: easy way to get the basis is to go to year end summary at the bottom of "my account" account on the folio main page.  Copy all of that info into excel.  Add another column at the end and do "Purchase Price" - "Principal Received".  Sum up Sale Price, Fee, and the Cost Basis you just made.  Subtract fee and basis from the sale price and boom! 

Not sure how to ACTUALLY report it to the IRS  but at least it you have a nice excel document giving you the info. (yay for -45 dollars on folio)

Sale Total   $669.51
Fee Total   $6.71
Net Sales   $662.80  (this matches the number that the 1099-B reported)
Less Basis   $708.49
Net Income   ($45.69)

core

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Re: 2013 Consolidated 1099s Available!
« Reply #22 on: January 31, 2014, 05:21:31 PM »
I just received this email from LC.  Looks like I was wrong about them not sending out a mass email about last night's incident. 

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Dear Core,

Thank you so much for being a Lending Club investor.

We see in our records that you accessed your 2013 1099 Package last night. The data reported in your 1099 Package has not changed, but we made a few IRS updates to the instructions on the forms since you accessed them. To ensure a smooth tax filing season, please log in again and access the most recent version that is posted in the "Statements" section of your account.

Thank you, and happy tax season.


Best Regards,

Lending Club Investor Services
71 Stevenson St., Ste. 300
San Francisco, CA 94105
(888) 596-3159 (Office)
(415) 632-5611 (Fax)


Im one of the people with 600pages of trades.

Do you really have 600 pages??  Dear Lord.  I have been put to shame!

Verto

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Re: 2013 Consolidated 1099s Available!
« Reply #23 on: January 31, 2014, 05:25:06 PM »
I don't have 600 pages, but I do have a good 30+. What really confuses/pisses me off is in 2012 lending club subtotaled all columns for you in their 1099B.

Why did they only subtotal box 2a in 2013 leaving us to manually add up the Principal Balance column? I know that it isn't reported to the IRS, but they could of just added up the total they printed to be a little nice.

cnmor54

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Re: 2013 Consolidated 1099s Available!
« Reply #24 on: January 31, 2014, 06:12:44 PM »
I just received this email from LC.  Looks like I was wrong about them not sending out a mass email about last night's incident. 

Quote
Dear Core,

Thank you so much for being a Lending Club investor.

We see in our records that you accessed your 2013 1099 Package last night. The data reported in your 1099 Package has not changed, but we made a few IRS updates to the instructions on the forms since you accessed them. To ensure a smooth tax filing season, please log in again and access the most recent version that is posted in the "Statements" section of your account.

Thank you, and happy tax season.


Best Regards,

Lending Club Investor Services
71 Stevenson St., Ste. 300
San Francisco, CA 94105
(888) 596-3159 (Office)
(415) 632-5611 (Fax)

I actually believed this for a whole 10 minutes  8)

I don't have 600 pages, but I do have a good 30+. What really confuses/pisses me off is in 2012 lending club subtotaled all columns for you in their 1099B.

Why did they only subtotal box 2a in 2013 leaving us to manually add up the Principal Balance column? I know that it isn't reported to the IRS, but they could of just added up the total they printed to be a little nice.

The Year-end summary has the net gains (or losses). Just subtract from the total sale price under 2b and that's your cost.

core

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Re: 2013 Consolidated 1099s Available!
« Reply #25 on: January 31, 2014, 06:17:10 PM »
I actually believed this for a whole 10 minutes  8)

I didn't make it up.  They did in fact send out that email.  I of course changed the first name that appeared in the email, and edited out the part where Stephanie told me I was too much man for her in a P.S.  Other than that, it's as-is.

Joleran

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Re: 2013 Consolidated 1099s Available!
« Reply #26 on: January 31, 2014, 07:48:49 PM »
I wouldn't put too much faith in these being the final 1099's.  I show LT capital gains on the 1099-B for a note that charged off in 2011 and hasn't had any collection activity since.

core

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Re: 2013 Consolidated 1099s Available!
« Reply #27 on: February 01, 2014, 12:55:32 AM »
I ran a diff on my pdf from last night compared to today's new one.  Here's what it was all about.  On the long term gains section of the 1099-B they changed one letter. 

Original:
Box 1c: Type of Gain Long Term - Report on Form 8949,
Part II, with Box B checked.


Corrected:
Box 1c: Type of Gain Long Term - Report on Form 8949,
Part II, with Box E checked.


That's it.  One mystery solved.  Now I'm trying to figure out why I have a 1099-B from LC (not Folio) which shows a ST gain for just 12 notes.  They all show a nonzero sale price.  I wonder what's so special about these that they aren't in the Folio 1099-B instead.

Fred

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Re: 2013 Consolidated 1099s Available!
« Reply #28 on: February 01, 2014, 03:00:46 AM »
Now I'm trying to figure out why I have a 1099-B from LC (not Folio) which shows a ST gain for just 12 notes.  They all show a nonzero sale price.  I wonder what's so special about these that they aren't in the Folio 1099-B instead.

These might be recoveries from your charged-off LC loans.

Fred

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Re: 2013 Consolidated 1099s Available!
« Reply #29 on: February 01, 2014, 03:24:53 AM »
I don't have 600 pages, but I do have a good 30+. What really confuses/pisses me off is in 2012 lending club subtotaled all columns for you in their 1099B.

Why did they only subtotal box 2a in 2013 leaving us to manually add up the Principal Balance column? I know that it isn't reported to the IRS, but they could of just added up the total they printed to be a little nice.

I was able to simply copy the table and paste it into an Excel file. Additional steps to align the numbers might be necessary, but after that I could add the SUM formula to get the total of all columns.  Didn't take more than 5-min per table.