Author Topic: Old 1099 from chase  (Read 895 times)

0 Members and 1 Guest are viewing this topic.

moondog

  • Valued Member
  • Posts: 160
Old 1099 from chase
« on: January 23, 2018 05:03:57 PM »
Hi all,

I received a notice from Chase saying they are sending me a 1099 for an account charged off in 2010.

I don't remember this account.  Can i dispute this with them or am i stuck reporting this as income ?

MD

Flyingifr

  • -DEAN EMERITUS-
  • Valued Member
  • Posts: 8591
  • Welcome to my Temper Tantrum
Re: Old 1099 from chase
« Reply #1 on: January 23, 2018 05:14:40 PM »
You are probably stuck. If it was charged off in 2010 then the debt probably hit SOL, which is why you got the 1099. I would look into ways that the amount on the 1099 is NOT taxable - like the Continued Insolvency exception. Prepare a personal Balance Sheet. List your assets on on side and your Liabilities on the other, and include this 1099 as a Liability. Compare the totals. To the extent that Liabilities are greater than Assets, you are insolvent. Now compare the 1099 to the amount you are insolvent by. If the 1099 is greater than your insolvency, it is not taxable under the "Continued Insolvency Exception" on Form 982.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

CleaningUp

  • Valued Member
  • Posts: 10749
Re: Old 1099 from chase
« Reply #2 on: January 23, 2018 05:17:51 PM »
Because you don't remember it doesn't mean it doesn't exist.

And remember, Chase was one of those that did a lot of gobbling up of smaller banks and credit card operations over the years.  Two of the most notable ones were Providian and Washington Mutual.

If this went account went south in 2010, your credit report might still be showing traces of it.  Have you checked there?

moondog

  • Valued Member
  • Posts: 160
Re: Old 1099 from chase
« Reply #3 on: January 23, 2018 06:00:58 PM »
Thanks flying/CU

credit report is clean.

I looked at form 982 but what date do i use for insolvency ? The date in 2010 or the one they chose in 2017 ?

I don't have the 1099 yet but they will probably say the event date was 12/31/17.

Flyingifr

  • -DEAN EMERITUS-
  • Valued Member
  • Posts: 8591
  • Welcome to my Temper Tantrum
Re: Old 1099 from chase
« Reply #4 on: January 23, 2018 09:05:43 PM »
Thanks flying/CU

credit report is clean.

I looked at form 982 but what date do i use for insolvency ? The date in 2010 or the one they chose in 2017 ?

I don't have the 1099 yet but they will probably say the event date was 12/31/17.

Use the year in Box 1 - Date of Identifiable event.
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

moondog

  • Valued Member
  • Posts: 160
Re: Old 1099 from chase
« Reply #5 on: January 23, 2018 10:33:37 PM »
ok thanks for the help.

moondog

  • Valued Member
  • Posts: 160
Re: Old 1099 from chase
« Reply #6 on: February 03, 2018 02:28:49 PM »
I just received my 1099 from chase for this. It has code F ? Which means by agreement ? There was no agreement.

Does disputing this help ? I'm trying to work with form 982 but since they put the event date as 10/21/17, things have been a lot better in the last 7 years so it is close.

moondog

  • Valued Member
  • Posts: 160
Re: Old 1099 from chase
« Reply #7 on: February 03, 2018 02:39:19 PM »
Also, does this 36 month window and them never trying to collect on this help me avoid including this as income ?

thanks

Flyingifr

  • -DEAN EMERITUS-
  • Valued Member
  • Posts: 8591
  • Welcome to my Temper Tantrum
Re: Old 1099 from chase
« Reply #8 on: February 03, 2018 03:32:30 PM »
I just received my 1099 from chase for this. It has code F ? Which means by agreement ? There was no agreement.

Does disputing this help ? I'm trying to work with form 982 but since they put the event date as 10/21/17, things have been a lot better in the last 7 years so it is close.

If you disagree with them cancelling the debt you can always pay it to show your disagreement. What do they say about looking a gift horse in the mouth?
« Last Edit: February 03, 2018 04:25:47 PM by Flyingifr »
BTW-the Flyingifr Method does work. (quoted from Hannah on Infinite Credit, September 19, 2006)

I think of a telephone as a Debt Collector's crowbar. With such a device it is possible to pry one's mouth open wide enough to allow the insertion of a foot or two.

Debtors Exams are the perfect place for us Senior Citizens to show off our recently acquired Alzheimers.

Founder of the Credit Terrorist Training Camp (Debtorboards)

moondog

  • Valued Member
  • Posts: 160
Re: Old 1099 from chase
« Reply #9 on: February 03, 2018 04:44:14 PM »
Lol, yes i guess.

Thanks

 

credit