RitaB Posted November 12, 2015 Report Share Posted November 12, 2015 1 hour ago, Jack from Ohio said: How successful has anyone here been at getting companies to correct 1099 forms? If they don't know how to do it to begin with, how do you get them to correct them. We have about 2% success with getting them changed. I have had zero success, but I don't try very hard to get people to correct forms. I tried years ago, a few times, to get Fidelity to stop putting the code for early distribution on my late sixties age client. I gave up on that and just used Form 5329, exception to penalty on Line 2, and did the tax return correctly. That's my policy - just do the tax return correctly, and try to satisfy IRS matching as I go. Say for example, somebody puts a figure in 1099-Misc, Box 7 that they shouldn't have, I enter a figure as income on Sch C, then back it off with an explanation on p. 2. Then enter the figure wherever it should go. If my clients want to chase the issuer of an incorrect form, they can. I don't have time. 6 Quote Link to comment Share on other sites More sharing options...
Catherine Posted November 13, 2015 Report Share Posted November 13, 2015 On 11/12/2015, 4:12:10, Jack from Ohio said: How successful has anyone here been at getting companies to correct 1099 forms? If they don't know how to do it to begin with, how do you get them to correct them. We have about 2% success with getting them changed. Then you are ahead of me. At this point, I don't even bother to ask as I have easier ways to waste my time. 4 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted November 13, 2015 Report Share Posted November 13, 2015 Zero success; especially from investment companies who issue 1099 R. 3 Quote Link to comment Share on other sites More sharing options...
BulldogTom Posted November 15, 2015 Report Share Posted November 15, 2015 The part that gets me is the IRS will take as gospel the reporting of a third party. Those same third parties will get a deficiency notice if a different third party erroneously reports income about them. So the IRS will take the same company's reporting as gospel in one case and totally disregard their reporting on their tax return and books at the same time. Just Crazy. Tom Newark, CA 5 Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted November 16, 2015 Report Share Posted November 16, 2015 Seems to me, they usually 'accept' the ones in their favor, i.e. more tax owed, and reject the ones in the taxpayer's favor. 3 Quote Link to comment Share on other sites More sharing options...
mcb39 Posted November 16, 2015 Report Share Posted November 16, 2015 9 hours ago, kcjenkins said: Seems to me, they usually 'accept' the ones in their favor, i.e. more tax owed, and reject the ones in the taxpayer's favor. Just had to write a letter of explanation to IRS because my 87 year old client received a 1099 from Wells Fargo. This was as a result of class action lawsuit against WF for excessive charges of mortgage interest. They really laid this elderly lady away. Had to straighten out that mess in 2013 and get the money back for her. It was her own money. Now the IRS wants her to pay tax on all of it. We had already claimed the amount she had claimed on Sch A in prior years. Somebody is trying to drive me nuts. 4 Quote Link to comment Share on other sites More sharing options...
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