Tax form question
01-24-2004 | 06:01 PM
#1
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From: Baltimore
Tax form question
I got this weird IRS letter, it says it's form 1099 (Rev. 3-02), and this is what it says:
Statement for Recipients of Interest Income (Please keep this copy for your records)
Calendar year 2003
Total Interest Paid or Credited $xx.xx
This information is being furnished to the appropriate department of IRS. The amount of interest paid or credited to you in the calendar year shown is on an overpayment of federal tax. This amount may represent interest on an overpayment for more than one year, or more than one kind of tax. It may have been paid with your tax refund or by separate check; or part or all may have been applied against other taxes you owed. If you are required to file a tax return, report this interest as income on your return.
*********************
So WTF is this? Should I add $xx.xx on my income? I never got any refund or money from Uncle Sam at all in 2003...
Statement for Recipients of Interest Income (Please keep this copy for your records)
Calendar year 2003
Total Interest Paid or Credited $xx.xx
This information is being furnished to the appropriate department of IRS. The amount of interest paid or credited to you in the calendar year shown is on an overpayment of federal tax. This amount may represent interest on an overpayment for more than one year, or more than one kind of tax. It may have been paid with your tax refund or by separate check; or part or all may have been applied against other taxes you owed. If you are required to file a tax return, report this interest as income on your return.
*********************
So WTF is this? Should I add $xx.xx on my income? I never got any refund or money from Uncle Sam at all in 2003...
01-24-2004 | 06:36 PM
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From: Napa
Mingster,
The IRS is saying that they paid you interest on money they owed to you. If you didn't get a check from them last year (doesn't matter what year it was for) then you should give them a call and ask them to explain it. They don't normally give taxpayers interest on refunds unless they held it too long, or is from from a prior year and you filed a carryback form etc. If you don't show it on your 2003 return, you might get a letter from them asking why not, so deal with it now.
Their toll free number is 1-800-829-1040.
The IRS is saying that they paid you interest on money they owed to you. If you didn't get a check from them last year (doesn't matter what year it was for) then you should give them a call and ask them to explain it. They don't normally give taxpayers interest on refunds unless they held it too long, or is from from a prior year and you filed a carryback form etc. If you don't show it on your 2003 return, you might get a letter from them asking why not, so deal with it now.
Their toll free number is 1-800-829-1040.
01-24-2004 | 09:14 PM
#3
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From: Baltimore
[QUOTE]Originally posted by Morris
Mingster,
The IRS is saying that they paid you interest on money they owed to you. If you didn't get a check from them last year (doesn't matter what year it was for) then you should give them a call and ask them to explain it. They don't normally give taxpayers interest on refunds unless they held it too long, or is from from a prior year and you filed a carryback form etc.
Mingster,
The IRS is saying that they paid you interest on money they owed to you. If you didn't get a check from them last year (doesn't matter what year it was for) then you should give them a call and ask them to explain it. They don't normally give taxpayers interest on refunds unless they held it too long, or is from from a prior year and you filed a carryback form etc.
01-25-2004 | 06:53 AM
#4
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From: Napa
Since they have your address, they would send you any money they owed you unless you told them to credit it to your next year's estimates (if you paid quarterly estimates) or some other unlikely scenerio.
Are you sure you didn't get any checks from them last year? If they add interest they show it on the bottom of the check. IRS checks always show the year it's for and the type of tax, if you know where to look.
Just call 'em.
Are you sure you didn't get any checks from them last year? If they add interest they show it on the bottom of the check. IRS checks always show the year it's for and the type of tax, if you know where to look.
Just call 'em.
01-25-2004 | 12:03 PM
#5
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From: Baltimore
Originally posted by Morris
Since they have your address, they would send you any money they owed you unless you told them to credit it to your next year's estimates (if you paid quarterly estimates) or some other unlikely scenerio.
Are you sure you didn't get any checks from them last year? If they add interest they show it on the bottom of the check. IRS checks always show the year it's for and the type of tax, if you know where to look.
Just call 'em.
Since they have your address, they would send you any money they owed you unless you told them to credit it to your next year's estimates (if you paid quarterly estimates) or some other unlikely scenerio.
Are you sure you didn't get any checks from them last year? If they add interest they show it on the bottom of the check. IRS checks always show the year it's for and the type of tax, if you know where to look.
Just call 'em.
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