Question: Dear Steve, I got a 1099-C from a bank headquartered in Malaysia for $970, but I never owed anyone that amount, and it is not on any of my credit reports. The 1099-C says forgiven debt for retail. Again, nothing on any credit reports like that. I filed my taxes to be on time, …
It seems more and more people are getting tax form 1099-C issued now for the forgiveness of old debt from as long as twenty years ago. That’s a problem for consumers. This old debt is sometimes called “zombie debt” because it appears to come back from the dead. The first thing you should do is …
Question: Dear Steve, In 2003 I opened a USBank Checking account which included a Credit Card and Line of Credit. In 2009 became unemployed and defaulted on debt. USBank stopped collection in and discharged the account 2010 but did not send a 1099-C. Portfolio Recovery Associates purchased a record of the discharged account from USBank …
“Dear Jim, Filed 1040A early & got my refund. Received a 1099-DIV form later in April. The form was showing an amount that was slightly too high. In order to avoid interest charges, i went ahead and made a payment calculating the tax i would owe using the current 1099-DIV form by April 15. I …