Back in 2003 I had a credit card that was bought by Chase. They sent a collector to negotiate a deal with me when I half of the amount due, paid, this would take care of it. So the $ 1,300 debt, I paid $ 700 and then as it is settled for less than the full amount, but I was up paid.
Well filed on my taxes this year and both have a couple of weeks. And lo and behold in the mail today, a 1099-C form of Chase. I had to call them to inquire what it was and what is essentially it, Chase had taxes on the forgiven amount of the original $ 1,300 (about $ 600) to pay, and so after 31 weeks January I of this damn form them.
Because of you get Chase, I get my taxes from federal and state governments all want to change back to a form! Thanks, it's not as if I did not have enough on my plate personally and professionally . but that aside, now gets to make the society that has the audacity to say, “Where the right relationship under one roof”.
Best Answer: As soon as HMRC receive the P46 they will issue a new code for you so you will get the tax back through the payroll. There is no reason for you to wait til April.
Reply: Kdee…I'm not familiar with what a 982 is, but the IRS told me I'd have to file an amended form (1040-X). I'll have to look into what a 982 is…if you have info, it would help. This IRS is one animal…I reside (for now Taxachusetts) and they are another matter.
I can't say that I know that much, but Iwas told Form 982 is what you fill out if you received a 1099 but are not required to include it gross income due to insolvency (doesn't have to be BK). I thought maybe if you didn't have to include it in income then the Forum 982 could be submitted without having to change any other tax forms.
Reply:Just my 2 cents – I've never been in this situation and have no legal knowledge/expertise, but I think I'd want to get some answers from Chase before I'd file an amended return (and know what year to file it for).
1) How did they come to the figure that they (Chase) forgave $1300 when you paid $700 of the $1300 due?
$1300 – $700 = $600. So wouldn't all they "forgave" be $600?
2) if you settled in 2003 shouldn't you have gotten the 1099-C in Jan/Feb 04 (for filing with your 2003 taxes) instead of getting the form (in Jan/Feb 06) for 2005 tax year?
3) what year did Chase "forgive" this debt & wouldn't that have some bearing on what tax year the 1099-C should have been issued?
4) could you ask for documentation from their files asking them to prove written proof showing the amount from your account they wrote off & the date written off since the figures they are using doesn't make sense after your $700 payment.
Reply:Kdee…I'm not familiar with what a 982 is, but the IRS told me I'd have to file an amended form (1040-X). I'll have to look into what a 982 is…if you have info, it would help. This IRS is one animal…I reside (for now Taxachusetts) and they are another matter.
Reply:Chase is the devil…'nuff said…
Reply:Can you file 982 by itself without having to resend everything else?
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