missing 1099 and tax filing

From: Sai Vishwanthaiah <Sai.Vishwanthaiah@Eng.Sun.COM>
Subject: missing 1099 and tax filing
Date: Thu, 23 Mar 2000 19:31:15 -0800 (PST)

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Hi,

I have not yet received a 1099 for an online brokerage account.

Why I did not receive until now is another story. In summary,
the brokerage firm claims that I didn't provide them my social
security number, and they treated me as tax-exempt. In February
I realized this was happening after the 1099 didn't show up.

For more than a month now I have been trying to get them to
update my account and send me a 1099 for tax year 1999. I keep
getting various contradictory responses, with one of the
responses being that I will NOT be able to get a 1099 for 1999,
but I'll start getting 1099s from tax year 2000 onwards (In other
words, what is done is done for year 1999 and cannot be fixed).
I'm still fighting with them over this, but I need to make
contingency plans before tax day.

Fortunately I have no stock "sell" transactions for 1999 from
this account. Only some interest credits and cash dividends
posted to my account. Total amount of this income is around $100.
I have all the monthly statements from last year to substantiate.

My questions regarding reporting this on my 1999 tax return:

1. Can I just report this amount in Schedule-B along with my
   other interest/dividend income? Even though I don't have
   the actual 1099, and possibly IRS doesn't have a record of
   this income.

2. I'd like to avoid going to a tax preparer and spend $$$.
   Is this prudent in this situation?

3. Am I risking a tax audit due to this situation?

4. Is there any implication on my tax returns next year and
   later? (I have plenty of time to make sure I'll get a 1099
   for tax year 2000)

Thanks in advance for your advice in this matter.

Regards,
Sai V.


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