If you held this stock last year in a non-ira type Acct., you can get a refund on your taxes.
What happens if you held it in an IRA account? Do you get a dividend from JRS??
Thanks for your help. Still fighting with E trade. We are not your tax advisors and all kinds of excuses not to do it.
Would recommend that anybody wanting to open a new account with E trade, should be careful
You could send them the letter from Nuveen via email. The letter/ info is on Nuveen's web site. They could call Nuveen. Fidelity did that. A call from your brokerage would be best.
That way Nuveen could guide your broker through
the steps that have to be taken.
I spoke with fidelity today, 9/22. They have yet to receive any money from JRS via the IRS.
They said if you do not see anything in your Acct. call then after Jan. 1st 2009. The IRS told them could take as long as til the end of 2008.
I, like many of you, have been in contact with Fidelity and I was given "could be the end of year". We have a lot of shares and the question has occurred to me, could Fidelity be using our tax refund before posting it to each account? They are so big that I really don't want to believe that such a thing is possible. Anyone else have any similar thoughts? jg
anyone talk to fidelity recently?
last time i did they said they would follow up with the IRS 60 days after they sent in the filing. 60 days from April 30th is June 30th.. and we're now into August.
It has been just over two months since Fidelity has sent the paperwork to the U.S. Gov. to get the refund, nothing has showed up in my Account yet.
Has anyone from Fidelity received any JRS refund yet???
Looks like it should be crediting soon... see the comment from my conversation with Fidelity below:
: Thank you for your patience.
The Specialists has advised that we are close to getting this credited to your account because we have just received the payment from the IRS. However, it is a manual process to credit the funds back to the several thousand accounts that are impacted by this issue.
They have not provided a timeframe, but they did confirm that your account is eligible and will be receiving the funds. We are just waiting for the process to be completed at this point.
I have Fidelity and have received no credit yet. I suspect differences between other brokers and Fid is due to tax filing timing. Fid said they sent forms in April 30. This is later than when others have reported receipt of tax credit (4/21 by schwabe?).
still nothing.. see the text of my conversation with Fidelity...
It's only 1/2 the conversation though, doesn't look like the second posting worked..
simply, they said after 60 days they start to follow up with the IRS... that was after a long discussion on how they said we'd get it by December.. or no later then January...
but, at that point.. it just makes no sense...
she basically said, the governement will have it to you by the end fo the year.. 'but what if it doesn't come'... well, they have to send it by December 31st... 'but what if it doesn't come'.. no real answer
Am aLSO in Wi and had JRS in IRA (sold when found out JRS retained and paid taxes on the dividend). Am with Baird and received money into IRA many weeks ago. Didn't have to do anything to get it. Terrific service.
Below is the text of my conversation with fidelity (over IM).
Simply, the IRS has not paid them yet. their policy appears to be to wait two months to contact them (which would be approx. 6/30).
At least that's what they said.. not sure I believe them...
(the full text ran into a second message)
Me: I've been waiting on a dividend from JRS to hit, I was told it should have hit by approx. 4/30.
Kim Gardner has joined the session. Fidelity Brokerage Services LLC, Member NYSE, SIPC
Kim Gardner: Good afternoon!
Me: it's not really a dividend..
Me: it's more of a tax rebate because it is held in an IRA
Kim Gardner: I'm not sure what you mean, I do show that they are paying a dividend on July 1. Was this a payout of some sort (not considered a dividend)
Me: that link talks abiout the distribution.. it also mentions, "It is important to note that this is the custodian's responsibility and filing is usually automatic;
Me: page 3
Me: it's officially a tax refund
Kim Gardner: Ok, I will need a few moments to research this.
Me: A Form 990-T needed to be filed by Fidelity/NFS
Kim Gardner: I am hold with our Trading Desk for clarification, it will be a few moments while we research this.
Kim Gardner: I am still on hold, I apologize. When were you told that you would receive the funds by April 30?
Me: probably early april..
Kim Gardner: Were you told this by a Fidelity Representative?
Me: my assumption was the form 990-T needed to be in by April 15th.. and it would get paid after that..
Kim Gardner: I have been unable to find any notes in your account. Do you remember the person you spoke with?
Me: regardless... is there any word on whether the form has been filed and the refund in process?
Kim Gardner: I am still trying to gather that information for you. I am on hold
Kim Gardner: I will check back with you as soon as I have more information. I am trying to get to the correct group, to get a status.
Kim Gardner: I appreciate your patience. I spoke with our Tax group who stated that we did file the forms in April. We are now waiting on information, as well as a check back from the IRS. The tax group informed me that this happens at the end of the year (December). Once we have the funds, we can credit your account.
Me: you're saying this is going to take until decemeber?
Me: for the govt to write a check?
Kim Gardner: Yes, we are waiting on the IRS
Me: I have heard, from other sources, that Charles Schwab recieved the maony.
Kim Gardner: Unfortunately, I can not speak for Charles Schawb and how they file taxes
Me: is your tax department saying it's going to come in december.. or no later then december?
Me: and, if it doesn't come.. what is the recourse?
Kim Gardner: No, they stated that they will get the information from the IRS by the end of December, this could be the 30th. In that case the refund would be deposited in 2009.
I'm not sure I understand what you mean by recourse. Once we receive the funds from the IRS, your portion will be deposited to your account.
Me: but, might it come earlier?
Me: I guess the question is, why would it take so long? why december?