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Mesabi Trust Message Board

  • mao_laotou mao_laotou Apr 5, 2013 3:23 PM Flag

    2012 Fidelity 1099 MISC for MSB big errors! Check it out if you owned MSB in Fidelity.

    I owned MSB in 2012 in different brokerages and also received Taxbooklet form the company. It turned out, The one reported by Fidelity is completely out of range. Fidelity over reported my MSB royalty income by over 100%, while Schwab, Etrade and Scottrade all got it correctly. The worst thing is after I spoke with Fidelity Tax people several times, I found Fidelity Outsourced the tax report to a firm called "Wall Street Concept", Fidelity does not have internal Tax report review team!! So whatever the "wallstreet concept " reported, even it is completely wrong, it will show up on your 1099 MISC.
    If you owned this security in Fidelity, check the number again, compare with the number form the tax booklet, you will find that Fidelity is over stating your MSB income by 100%.
    Unbelievable, Fidelity is worse than Etrae for reporting your tax..

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    • Update: Fidelity finally figured out it. 1099 MSB Errors got corrected. Looked like "Wallstreet Concept" caused the errors. Fidelity was very responsive and I am satisfied with the response. Fidelity's support team even had someone conference call me every day to track the progress. Comparing to Etrade, if you had a problem at Etrade, it would take forever to solve it although Etrade reported correctly for MSB this year.

    • I cannot believe you own at least four lots of units, held in four accounts. That is a tax nightmare!
      Some income goes on the Schedule E, some on the Form 4797, and each lot will have it's own cost basis adjustments each year. You will probably spend time in jail for misreporting income. Good luck!

      • 1 Reply to tjpollo
      • Until today, Fidelity still cannot tell me how they calculated the number. The only thing they told me was "Wallstreet concept" told us it was correct. ... balabalabala..
        I am moving out my big assets out of Fidelity. Schwab never got 1099 wrong. I am moving to Schwab and TD Ameritrade , they offer bonus to move assets to them..
        If you won Royalty, avoid Fidelity!. The time I have spent was not worth of the money.

        Sentiment: Hold

    • All the brokerages (including Etrade) outsource the 1099 reporting.
      I don't believe any of them are doing it in house.
      They may talk about their tax department, but it is really outsourcec, they just don't like to say it

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