Finance Questions? Ask a Financial Expert for Answers ASAP
Thank you for your question, and thanks for using JustAnswer.com
The problem probably is not with the data that is reported to the IRS, it's with the third party that is pulling this information.
The information that you get from Merrill Lynch is what is reported directly to the IRS
So you mean to say that the information stored in IRS is somehow interpreted by the third party and it is making mistakes then.
i was under the impression that it is interpreted and stored by IRS
Yes, that is correct. Whatever is on your report from Merrill Lynch is what is reported directly to the IRS
So how does the third party read it from IRS
Why am I getting in different format and of course with errors
It is just a glitch with the software
but rest assured what you received from Merrill Lynch is what is reported to the IRS
Can I be certain that it is a glitch with the Third Party Software. Reason I am asking is that if it is incorrect at the IRS then will I get a CP2000 or an Audit Letter 566 CG?
Pretty much that is what my concern is
Merrill Lynch is who reports the information to the IRS, and what they send you is a direct copy of what is transmitted to the IRS
If there is an error in transmission, all you have to do is send your copy of the 1099 and it is cleared up