so sallie mae sent me "corrected" 1099-misc for 2015-2016 yesterday
Luckily it still got to me even though they sent it to my address from 4 fucking years ago and all the mail forwarding I had set up has long since expired.
I have no idea what to even do with it, it looks like the corrected amounts might only be off by like $300 against my favor, does the IRS really expect me to pay $30 more in taxes and refile and all that? More importantly why are they allowed to correct a 1099 like that nearly 5 years later?
I am not familiar with the US, but in Canada once a return has been assessed it is considered statute barred 3 years after the date of assessment (unless you're found to have lied, committed some serious fraud, etc.), so I imagine there is a similar deadline in the US. I would just call the IRS personal tax info line and ask them about it, it's past the 15th so you can probably get through pretty easily.
Calling the tax info line does not throw up red flags for anyone out there who is terrified of talking to the IRS or CRA, they're just there to help you out.
Yeah this would be an amended return from 2015-2016 so it doesn't really matter about the deadline. I absolutely have to find the old paperwork so I know just how much this has changed.
I wouldn't put it past sallie mae to have modified shit on their end to "screw me" in their eyes. Sallie Mae and Navient are literally in the top 10 of shittiest companies in the US.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
That reminds me. I drive by both offices regularly. I should start a company that people can pay to have me throw things at their buildings. Preferably things smaller than cars.
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ceresWhen the last moon is cast over the last star of morningAnd the future has past without even a last desperate warningRegistered User, Moderatormod
I know more than a few people who would use that service.
And it seems like all is dying, and would leave the world to mourn
so sallie mae sent me "corrected" 1099-misc for 2015-2016 yesterday
Luckily it still got to me even though they sent it to my address from 4 fucking years ago and all the mail forwarding I had set up has long since expired.
I have no idea what to even do with it, it looks like the corrected amounts might only be off by like $300 against my favor, does the IRS really expect me to pay $30 more in taxes and refile and all that? More importantly why are they allowed to correct a 1099 like that nearly 5 years later?
I am not familiar with the US, but in Canada once a return has been assessed it is considered statute barred 3 years after the date of assessment (unless you're found to have lied, committed some serious fraud, etc.), so I imagine there is a similar deadline in the US. I would just call the IRS personal tax info line and ask them about it, it's past the 15th so you can probably get through pretty easily.
Calling the tax info line does not throw up red flags for anyone out there who is terrified of talking to the IRS or CRA, they're just there to help you out.
Yeah this would be an amended return from 2015-2016 so it doesn't really matter about the deadline. I absolutely have to find the old paperwork so I know just how much this has changed.
I wouldn't put it past sallie mae to have modified shit on their end to "screw me" in their eyes. Sallie Mae and Navient are literally in the top 10 of shittiest companies in the US.
Just making sure, but it is a 1099-MISC, not a 1098-E, right? I think I've only ever seen 1098-E's from Sallie Mae and Navient, which is for showing the amount of student loan interest you paid them. Whereas 1099-MISC would be for reporting the amount of contract labor (or rent, etc.) that they paid to you. If the latter scenario is the case, and they did pay you something, it's possible you already reported it as income on your return, so there would be no need to amend anything. Just wanted to throw that out there.
Has anyone used the IRS withholding calculator and... agreed with it?
We got a big refund back this year, over $2,000 each from state and federal, and I'm determined to fix that - I want bigger paychecks, not surprise money next year. So I've just gone through and used the withholding calculator tool and it says I'm on track to get a just a couple hundred dollars back. I've made no changes to withholding at all so I'm dubious.
Is the calculator screwing with me and trying to get me to over-pay?
It's sort of a pain, but if you have access to any tax software, I think the easiest thing to do is it to plug your projected wages and withholding into 2018, and see what your refund would have been. I don't think much is currently expected to change between 2018 and 2019, so except for annual inflation of the tax brackets, both years should look pretty similar.
If your tax situation is straightforward enough (e.g. not itemizing, no small businesses, etc.), you may be able to just fill out a 2019 Form 1040 by hand (using your projected income/withholding numbers), using 2018 as a guideline.
I wouldn't really trust those calculators to be super accurate except in the simplest of situations. Certainly as soon as you have two spouses working, it gets harder to predict. And if you have any kids (child tax credit, child care credit), student loan interest, HSA, etc., it can make things a little trickier. And if your wages aren't totally predictable (e.g. christmas bonuses), it can be tough.
My thought is that a refund of $2000 isn't too bad. You can always adjust your withholding later in the year, if it looks like you'll get a lot back. But it can sometimes feel like trying to hit a moving target to get really close to $0.
so sallie mae sent me "corrected" 1099-misc for 2015-2016 yesterday
Luckily it still got to me even though they sent it to my address from 4 fucking years ago and all the mail forwarding I had set up has long since expired.
I have no idea what to even do with it, it looks like the corrected amounts might only be off by like $300 against my favor, does the IRS really expect me to pay $30 more in taxes and refile and all that? More importantly why are they allowed to correct a 1099 like that nearly 5 years later?
I am not familiar with the US, but in Canada once a return has been assessed it is considered statute barred 3 years after the date of assessment (unless you're found to have lied, committed some serious fraud, etc.), so I imagine there is a similar deadline in the US. I would just call the IRS personal tax info line and ask them about it, it's past the 15th so you can probably get through pretty easily.
Calling the tax info line does not throw up red flags for anyone out there who is terrified of talking to the IRS or CRA, they're just there to help you out.
Yeah this would be an amended return from 2015-2016 so it doesn't really matter about the deadline. I absolutely have to find the old paperwork so I know just how much this has changed.
I wouldn't put it past sallie mae to have modified shit on their end to "screw me" in their eyes. Sallie Mae and Navient are literally in the top 10 of shittiest companies in the US.
Just making sure, but it is a 1099-MISC, not a 1098-E, right? I think I've only ever seen 1098-E's from Sallie Mae and Navient, which is for showing the amount of student loan interest you paid them. Whereas 1099-MISC would be for reporting the amount of contract labor (or rent, etc.) that they paid to you. If the latter scenario is the case, and they did pay you something, it's possible you already reported it as income on your return, so there would be no need to amend anything. Just wanted to throw that out there.
It's a discharge of debt correction, might be 1099-c I typed that up when I didn't have the papers in front of me.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
Yeah, probably 1099-C. That one is a little different. Yeah, in general, that does mean taxable income. Usually when you see those, the discharge date is in the current year (2018), so an old one is unusual (although not unheard of).
There's a whole thing about being "insolvent". Generally what that means is that if (at the time of the debt discharge) you had more liabilities than assets, it doesn't result in taxable income.
Although for $300, I probably wouldn't even worry about it. I suppose if you find the 1040 from that year and it's easy enough to amend, it wouldn't hurt to be proactive. But you could also wait for the IRS to send you an estimated bill.
Yeah that's the thing I already had the 4+ they sent me originally for that tax year and this is just the corrected ones for the new values. I still haven't found the original ones they sent to see how much it's above or below what I had to pay on that year.
It looked like it was only $300 or so higher than what the originals said, but it wouldn't surprise me if it was less than that too. Seems silly they can correct them this far out.
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
The IRS mailed us re: 2017 regarding a discrepancy on our 1095C claims. I know for a fact that my old employer fucked up and only provided me part of my 1095C because they are very bad at their jobs and even though I told them their partial 1095C did not accurately reflect my insurance status. Do I need to remedy this or do they just get in trouble?
Alright I got all my paperwork situated, it's a 1099-c I got from sallie mae and I had overpaid my taxes by 8,000 because I guess they forgot to include money I had already paid in the settlement, and that's what they corrected.
So that means I need to amend my 2016 return right? That also means I'll get back probably 1/3 of what I paid in taxes too?
not a doctor, not a lawyer, examples I use may not be fully researched so don't take out of context plz, don't @ me
Alright I got all my paperwork situated, it's a 1099-c I got from sallie mae and I had overpaid my taxes by 8,000 because I guess they forgot to include money I had already paid in the settlement, and that's what they corrected.
So that means I need to amend my 2016 return right? That also means I'll get back probably 1/3 of what I paid in taxes too?
It sounds like that's probably the case, yep. If this corrected 1099-C amount is lower than the original amount, and if you reported the original amount as income on your 2016 return, then amending should mean less tax, and therefore a refund. How much would depend on what marginal bracket you were in back in 2016, which for a lot of people is somewhere between 10% and 25%.
The IRS mailed us re: 2017 regarding a discrepancy on our 1095C claims. I know for a fact that my old employer fucked up and only provided me part of my 1095C because they are very bad at their jobs and even though I told them their partial 1095C did not accurately reflect my insurance status. Do I need to remedy this or do they just get in trouble?
Did the IRS letter give any suggestion of what they expected you to do? My guess would be not, it was probably just informational, in which case you don't need to do anything. But it's hard to know for sure.
The 1095-C is a new form, only a couple of years old, and is for reporting which months the company's employees were offered insurance coverage. As the recipient of that form, generally all you have to do is check the "I had insurance all year" box on your 1040 (or if you didn't have coverage all year, attach a form showing which months you weren't covered, and pay the penalty). And I haven't yet seen a case where the IRS actually crossed referenced that against what was on the 1095-C. I'm sure that was the original intent, for them to eventually be able to cross reference that info. But with the penalty going away this year, I'm doubting they'll ever put in that infrastructure.
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MichaelLCIn what furnace was thy brain?ChicagoRegistered Userregular
Hi, for yearly bonuses is it a good idea to select 35% Supplemental Tax Rate, or leave at 22%?
Assume it's related to salary, if it will push us into a higher bracket?
Last week, the House Ways and Means Committee, led by Rep. Richard Neal, D-Mass., passed the Taxpayer First Act, a wide-ranging bill making several administrative changes to the IRS that is sponsored by Reps. John Lewis, D-Ga., and Mike Kelly, R-Pa.
In one of its provisions, the bill makes it illegal for the IRS to create its own online system of tax filing. Companies like Intuit, the maker of TurboTax, and H&R Block have lobbied for years to block the IRS from creating such a system. If the tax agency created its own program, which would be similar to programs other developed countries have, it would threaten the industry’s profits.
“This could be a disaster. It could be the final nail in the coffin of the idea of the IRS ever being able to create its own program,” said Mandi Matlock, a tax attorney who does work for the National Consumer Law Center.
This is absolutely horrid. Making it illegal for the IRS to create their own return system would not only entrench the power of companies like Intuit, but also continue to empower activists like Grover Norquist. And what's worse is that it's being supported by both sides.
So, some follow up good news from news/activist organization ProPublica:
Last week, the House Ways and Means Committee, led by Rep. Richard Neal, D-Mass., passed the Taxpayer First Act, a wide-ranging bill making several administrative changes to the IRS that is sponsored by Reps. John Lewis, D-Ga., and Mike Kelly, R-Pa.
In one of its provisions, the bill makes it illegal for the IRS to create its own online system of tax filing. Companies like Intuit, the maker of TurboTax, and H&R Block have lobbied for years to block the IRS from creating such a system. If the tax agency created its own program, which would be similar to programs other developed countries have, it would threaten the industry’s profits.
“This could be a disaster. It could be the final nail in the coffin of the idea of the IRS ever being able to create its own program,” said Mandi Matlock, a tax attorney who does work for the National Consumer Law Center.
This is absolutely horrid. Making it illegal for the IRS to create their own return system would not only entrench the power of companies like Intuit, but also continue to empower activists like Grover Norquist. And what's worse is that it's being supported by both sides.
So, some follow up good news from news/activist organization ProPublica:
the IRS owes me a substantial amount of money dating back to my 2017 tax year, after I filed in late 2018 via extension
compounded by the government shutdown around the 2018 holidays, my refund was never sent/delayed
I called and got a human on the phone who cited a software error that was preventing disbursement, they claimed to have fixed it. Two months ago. Still no check
My tax filing situation is... modestly complex as I have an s-corp in my name with generous revenue but swings wildly back and forth year to year in terms of profit/loss
My suspicion is they are purposefully holding this refund as insurance against a potential tax bill in the next filing year (2018 still not filed via extention). Could this be possible? or are they just fucking up this badly and I need to call again?
It's worth noting that as far as I know they're still paying me interest on this sum... so that's nice I guess
I ask only because getting a lifeform on the phone with the IRS is extremely hard and time consuming and I'm trying to get some read here on what is really happening
They won’t withhold a refund unless you tick the box on the form to do it. Calling them is all well and good, but what you need is for them to send you writing what is going on. That might require you to speak to someone who will work on your case but really, anything they say on the phone isn’t worth much until they send a notice in the mail to you.
All of this barring actual software issues, which they most definitely have had and will continue to have into the future.
Is it worth it to have someone like a tax pro or lawyer work on this for you? Because, yes the time is the problem but it just depends on the cost versus refund amount. If it is significant, it might be a good idea to pay someone to sit on the phone for the days it might take to get things done. You’ll have to inform, in writing(!), the IRS that you have someone working on your behalf. Or just slog on and keep poking them until you start getting letters in the mail about it.
I did receive a formal notice from the IRS that a refund was due and on its way, but calling the number on that notice didn't lead to much. I do have a CPA, he just has 50 better things to do. I'll check with him soon if my next phone attempt doesn't yield much
Anyone know when bills for late payments usually go out? I was lazy this year and ended up mailing my payment check on the 16th instead of the 15th. I’m guessing they will hit me with a fine, but maybe they’ll miss it or something. Just curious when I should be expecting it.
"The world is a mess, and I just need to rule it" - Dr Horrible
Anyone know when bills for late payments usually go out? I was lazy this year and ended up mailing my payment check on the 16th instead of the 15th. I’m guessing they will hit me with a fine, but maybe they’ll miss it or something. Just curious when I should be expecting it.
As in, you made your payment on April 16th instead of the 15th? Usually they'll send you a bill within a couple of weeks. If you haven't seen it by now, you're very likely in the clear. I think what they probably do is run the math, and if the penalties/interest are less than a certain point (maybe the cost of postage, or a few dollars, or whatever), they might just not bother.
Or they might have given everyone a one day grace period, maybe the post office got overwhelmed on the 15th, for example.
But yeah, I suppose if you do get a letter, you can handle it at that point. But like I said, I bet you're good. Any penalty would be based on a percentage of the tax due, so unless you owe'd a bunch, the fine would probably be pretty small, anyway.
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MichaelLCIn what furnace was thy brain?ChicagoRegistered Userregular
edited June 2019
Fellow Illinoisesians - we just got our adjusted check from the state so if you're still waiting, should be there soon.
Accountant put the wrong PIN so got no prop tax refund when national came back months ago.
I did receive a formal notice from the IRS that a refund was due and on its way, but calling the number on that notice didn't lead to much. I do have a CPA, he just has 50 better things to do. I'll check with him soon if my next phone attempt doesn't yield much
i found a Secret Super Hack to get someone at the IRS on the phone
he says he has no idea why my refund isn't being sent. there was an open case on my account, the case was closed months ago, and everything seems normal... the check just isn't disbursing. So he tried it again and did a couple of other computer things to unstick it and said to check back in 1 week to see if it worked
I did receive a formal notice from the IRS that a refund was due and on its way, but calling the number on that notice didn't lead to much. I do have a CPA, he just has 50 better things to do. I'll check with him soon if my next phone attempt doesn't yield much
i found a Secret Super Hack to get someone at the IRS on the phone
he says he has no idea why my refund isn't being sent. there was an open case on my account, the case was closed months ago, and everything seems normal... the check just isn't disbursing. So he tried it again and did a couple of other computer things to unstick it and said to check back in 1 week to see if it worked
so, this is still ongoing. I'm meeting with the IRS in person tomorrow. I've been told it is likely my case will need to be referred to something-something-office of the taxpayer advocate (not sure their exact phrasing)
Is anyone familiar with this entity? Not sure how long a road I have ahead of me.
Nobody formally employed by the IRS seems to have any idea why they are holding an extremely large amount of money in my name, but they're pretty sure it belongs to me (i.e., not an error, which it isn't, as I can prove the sum), and they're pretty sure it should have been sent, they just can't seem to send it... it's been over 8 months since filing.
Posts
Yeah this would be an amended return from 2015-2016 so it doesn't really matter about the deadline. I absolutely have to find the old paperwork so I know just how much this has changed.
I wouldn't put it past sallie mae to have modified shit on their end to "screw me" in their eyes. Sallie Mae and Navient are literally in the top 10 of shittiest companies in the US.
Just making sure, but it is a 1099-MISC, not a 1098-E, right? I think I've only ever seen 1098-E's from Sallie Mae and Navient, which is for showing the amount of student loan interest you paid them. Whereas 1099-MISC would be for reporting the amount of contract labor (or rent, etc.) that they paid to you. If the latter scenario is the case, and they did pay you something, it's possible you already reported it as income on your return, so there would be no need to amend anything. Just wanted to throw that out there.
It's sort of a pain, but if you have access to any tax software, I think the easiest thing to do is it to plug your projected wages and withholding into 2018, and see what your refund would have been. I don't think much is currently expected to change between 2018 and 2019, so except for annual inflation of the tax brackets, both years should look pretty similar.
If your tax situation is straightforward enough (e.g. not itemizing, no small businesses, etc.), you may be able to just fill out a 2019 Form 1040 by hand (using your projected income/withholding numbers), using 2018 as a guideline.
I wouldn't really trust those calculators to be super accurate except in the simplest of situations. Certainly as soon as you have two spouses working, it gets harder to predict. And if you have any kids (child tax credit, child care credit), student loan interest, HSA, etc., it can make things a little trickier. And if your wages aren't totally predictable (e.g. christmas bonuses), it can be tough.
My thought is that a refund of $2000 isn't too bad. You can always adjust your withholding later in the year, if it looks like you'll get a lot back. But it can sometimes feel like trying to hit a moving target to get really close to $0.
It's a discharge of debt correction, might be 1099-c I typed that up when I didn't have the papers in front of me.
There's a whole thing about being "insolvent". Generally what that means is that if (at the time of the debt discharge) you had more liabilities than assets, it doesn't result in taxable income.
Although for $300, I probably wouldn't even worry about it. I suppose if you find the 1040 from that year and it's easy enough to amend, it wouldn't hurt to be proactive. But you could also wait for the IRS to send you an estimated bill.
It looked like it was only $300 or so higher than what the originals said, but it wouldn't surprise me if it was less than that too. Seems silly they can correct them this far out.
So that means I need to amend my 2016 return right? That also means I'll get back probably 1/3 of what I paid in taxes too?
It sounds like that's probably the case, yep. If this corrected 1099-C amount is lower than the original amount, and if you reported the original amount as income on your 2016 return, then amending should mean less tax, and therefore a refund. How much would depend on what marginal bracket you were in back in 2016, which for a lot of people is somewhere between 10% and 25%.
Did the IRS letter give any suggestion of what they expected you to do? My guess would be not, it was probably just informational, in which case you don't need to do anything. But it's hard to know for sure.
The 1095-C is a new form, only a couple of years old, and is for reporting which months the company's employees were offered insurance coverage. As the recipient of that form, generally all you have to do is check the "I had insurance all year" box on your 1040 (or if you didn't have coverage all year, attach a form showing which months you weren't covered, and pay the penalty). And I haven't yet seen a case where the IRS actually crossed referenced that against what was on the 1095-C. I'm sure that was the original intent, for them to eventually be able to cross reference that info. But with the penalty going away this year, I'm doubting they'll ever put in that infrastructure.
Assume it's related to salary, if it will push us into a higher bracket?
Yeah, I don't think that will be a problem. Appreciate them (my company) sending a note about it, but that didn't happen here.
So, some follow up good news from news/activist organization ProPublica:
Amazing what sunlight can do.
I hadn't the tiniest bit of hope that such a thing would happen.
This... this is the US Congress? What planet am I on?
the IRS owes me a substantial amount of money dating back to my 2017 tax year, after I filed in late 2018 via extension
compounded by the government shutdown around the 2018 holidays, my refund was never sent/delayed
I called and got a human on the phone who cited a software error that was preventing disbursement, they claimed to have fixed it. Two months ago. Still no check
My tax filing situation is... modestly complex as I have an s-corp in my name with generous revenue but swings wildly back and forth year to year in terms of profit/loss
My suspicion is they are purposefully holding this refund as insurance against a potential tax bill in the next filing year (2018 still not filed via extention). Could this be possible? or are they just fucking up this badly and I need to call again?
It's worth noting that as far as I know they're still paying me interest on this sum... so that's nice I guess
I ask only because getting a lifeform on the phone with the IRS is extremely hard and time consuming and I'm trying to get some read here on what is really happening
All of this barring actual software issues, which they most definitely have had and will continue to have into the future.
Is it worth it to have someone like a tax pro or lawyer work on this for you? Because, yes the time is the problem but it just depends on the cost versus refund amount. If it is significant, it might be a good idea to pay someone to sit on the phone for the days it might take to get things done. You’ll have to inform, in writing(!), the IRS that you have someone working on your behalf. Or just slog on and keep poking them until you start getting letters in the mail about it.
As in, you made your payment on April 16th instead of the 15th? Usually they'll send you a bill within a couple of weeks. If you haven't seen it by now, you're very likely in the clear. I think what they probably do is run the math, and if the penalties/interest are less than a certain point (maybe the cost of postage, or a few dollars, or whatever), they might just not bother.
Or they might have given everyone a one day grace period, maybe the post office got overwhelmed on the 15th, for example.
But yeah, I suppose if you do get a letter, you can handle it at that point. But like I said, I bet you're good. Any penalty would be based on a percentage of the tax due, so unless you owe'd a bunch, the fine would probably be pretty small, anyway.
Accountant put the wrong PIN so got no prop tax refund when national came back months ago.
i found a Secret Super Hack to get someone at the IRS on the phone
he says he has no idea why my refund isn't being sent. there was an open case on my account, the case was closed months ago, and everything seems normal... the check just isn't disbursing. So he tried it again and did a couple of other computer things to unstick it and said to check back in 1 week to see if it worked
so, this is still ongoing. I'm meeting with the IRS in person tomorrow. I've been told it is likely my case will need to be referred to something-something-office of the taxpayer advocate (not sure their exact phrasing)
Is anyone familiar with this entity? Not sure how long a road I have ahead of me.
Nobody formally employed by the IRS seems to have any idea why they are holding an extremely large amount of money in my name, but they're pretty sure it belongs to me (i.e., not an error, which it isn't, as I can prove the sum), and they're pretty sure it should have been sent, they just can't seem to send it... it's been over 8 months since filing.