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No, unfortunately there is no legal action to be taken. Even though they told you incorrect information that mistake did not cause you to accept the money or incur the taxes.
So they can just give false information that will affect how much I owe by like 10,000 and there is nothing I can do.
Not if they gave you the information after you had already received the check and kept it. They had no legal duty to provide "advice" as to whether or not the money was taxable.
It would be a different matter if you had based a decision to accept the money on their advice.
We called at tax time to ask why we had not received a form from them .They asked a series of questions like ( was the home your primary residence, and did you live there for more than two years) After we answer the question they said they had no forms and that nothing was reported to the IRS . I asked if it was tax free and CHASE said YES.
I understand your facts.
It was 30,000 incentive we used it when we moved . That is going to be like 10,000
Under the law, you didn't suffer any damages because of their misinformation. You would have owed the taxes whether they told you correctly or not.
I'm not saying what they did was right or fair, it just isn't something you can sue over.
Yes but their ill preparation will surely cost me late fee and penaltys wouldent you agree . I dont have 10 grand at my fingertips
It shouldn't. However, if there are fees associated with their failure to send the 1099 then you could sue them for that. I have never seen the IRS penalize a person for filing correctly and then having to amend because of someone else's mistake.
They may penalize them but they shouldn't penalize you.
They will charge me interest if I have to make a payment plan . That takes more than 6 months.
They may do that, but I don't think you would be successful in a lawsuit based on the interest. Possibly, but not likely.
I just worry that interest on 10K will add up fast if I'm only paying like 2 or 3 hundred a month
It could. You may consider suing them in small claims court for the interest but you're going to spend more than that on a lawyer so small claims court would be the way to go if you decide to pursue it.
OK thank you for you time.
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