Tax question 2 1099s for same investment

I had some stocks held by T Rowe Price. In early December I switched them to another broker without cashing them in. I now have 2 1099s, one from TRP and one from the new broker. Can I just ignore the TRP 1099 since they didn’t have the stocks at the end of the year and it appears that the new broker included all the dividends etc for the entire year. I would hate to pay the same taxes twice!

How sure are you that the new broker is just duplicating the payments from the old broker-dealer? That shouldn’t happen. TRP should issue you a 1099 that has all the dividends it received on your behalf before you transferred the account and new broker should report only the dividends that it received after you transferred the account. If you are correct about the error, you should get the new broker to issue you a corrected 1099. On the other hand, if you owned 100 shares of Stock X, they paid a 25 cent dividend to TRP in February, you moved your account in June, and Stock X paid a second 25 cent dividend in August, both brokers are going to accurately report that you received $25 in dividends from the stock.

You should not just ignore the TRP 1099. if you do, the IRS is likely to process your return as you file it. Later, they will go back and reconcile what they think you owe, including taxes on the TRP 1099, and they will send you a deficiency letter that includes taxes, interest and penalties on the dividends. It could be a couple of years before they get back to you and you will barely remember having left the 1099 off your return or why you did it but you will be really mad.

Thanks.
There was another stock transfer that occurred at the same time (different broker) and they didn’t send me a 1099. When I contacted them they said they didn’t have to since my account with them at the end of Dec was $0. I figured that would apply to all brokers. I guess I should be careful about which broker I listen to.

It’s possible that broker didn’t send a 1099 because you earned less than $10 in interest or dividends up to the date of the transfer. I don’t have your account statements in front of me and I don’t know which broker got paid what amount so I can only describe how it should have worked. Good luck.

Thanks again.
I contacted the broker and they sent me an email saying I do not need a 1099 from them. That is all I can do. I filed all the 1099s I received. Hopefully the IRS computes will be satisfied.