2021 1099'S For Merrick Bank?

CDInvestor1
  |     |   18 posts since 2015

It is February 8 and I still haven't received my 1099 from Merrick Bank. I know of one other investor who hasn't received theirs from Merrick Bank, either. I messaged the bank, and they said that the 1099's were mailed out January 19. Has anyone else not received their 1099 yet? Thanks.



Answers
Choice
  |     |   657 posts since 2020
No info on Merrick but I just got all my navy cu 1099s yesterday. I doubt not too many know when they are “mailed” but I recall the issue is received by…
Ltssharon
  |     |   65 posts since 2020
I do not know about merick but schwab's do not come out til feb. 17 or so, and I have received nothing from standard, nor does their agent answer. Maybe call Merick.
CDInvestor1
  |     |   18 posts since 2015
I called Merrick Bank, and of course their standard answer was "It was mailed out on January 31", since by law, it is supposed to be mailed out by then. It is February 13, and I still haven't received it. The other person I know had to request a second 1099 from Merrick. He finally received his 1099, but it was postmarked February 4, so he doesn't know yet if it is the first or second 1099 mailed out.
jack12
  |     |   92 posts since 2021
It might be available online
If not- i can virtually guarantee you they would read the amount to you over the phone
CuriousDave
  |     |   87 posts since 2018
If's possible that the bank may not be required to report the interest until next year. IRS Publication 550 includes the following paragraph:
"Certificates of deposit and other deferred interest accounts. If you buy a certificate of deposit or open a deferred interest account, interest may be paid at fixed intervals of 1 year or less during the term of the account. You generally must include this interest in your income when you actually receive it or are entitled to receive it without paying a substantial penalty. The same is true for accounts that mature in 1 year or less and pay interest in a single payment at maturity. If interest is deferred for more than 1 year, see Original Issue Discount (OID)...."
So it's possible that the interest income on your CD is reportable for the 2022 year rather than 2021.


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