E
ESprung
Guest
- Jurisdiction
- Georgia
I made payments on a type of "insurance" on my mortgage called a Borrowers Protection Plan.
The plan was cancelled and I received a check for all fees plus interest. The letter said I would receive a 1099 for the INTEREST PORTION OF THE REFUND. Makes sense, the money I paid for the defunct plan has already been taxed.
I paid $4,200 into the plan, refund was $5,589, so I expected a 1099 for the difference of $1,389. Instead I'm getting a 1099 for the full amount!
Looks like I can't do my taxes online with this, what appears to be an error, so of course I'll have to have them done - consulting with the preparation person/firm.
But just want to know how difficult it is to unravel this. The bank isn't going to change the 1099, and is my understanding correct - that I should get a 1099 only for interest?
The plan was cancelled and I received a check for all fees plus interest. The letter said I would receive a 1099 for the INTEREST PORTION OF THE REFUND. Makes sense, the money I paid for the defunct plan has already been taxed.
I paid $4,200 into the plan, refund was $5,589, so I expected a 1099 for the difference of $1,389. Instead I'm getting a 1099 for the full amount!
Looks like I can't do my taxes online with this, what appears to be an error, so of course I'll have to have them done - consulting with the preparation person/firm.
But just want to know how difficult it is to unravel this. The bank isn't going to change the 1099, and is my understanding correct - that I should get a 1099 only for interest?
