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Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
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Experience:  10 + years of accounting and tax experience, financial statements and business planning
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What happens if I dont report the amounts shown on a 1099-R

Customer Question

What happens if I don't report the amounts shown on a 1099-R and a 1099-C for the year it took place?
Submitted: 4 years ago.
Category: Tax
Expert:  Chad Oberg replied 4 years ago.

Customer,

 

You will receive a notice of assessment from the IRS indicating you owe taxes on the forgiveness of debt and the 1099-R retirement income.

 

In regards to the 1099-C. You will be better off to go through the steps of filing out IRS Form 982 and presenting that you were insolvent (if possible) right before the property was lost.

 

Also, look at the following attached website:

 

IRS Form 982

http://www.irs.gov/pub/irs-pdf/f982.pdf

 

http://www.irs.gov/individuals/article/0,,id=179414,00.html

 

and

 

IRS Publication 4681

 

http://www.irs.gov/pub/irs-pdf/p4681.pdf

 

The process is complicated; however, it will help protect you from the tax. You may want to get a qualified CPA to help you through the process.

 

If you have any further questions, please do not hesitate to contact me.

 

Regards,

 

Chad

Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience: 10 + years of accounting and tax experience, financial statements and business planning
Chad Oberg and 5 other Tax Specialists are ready to help you
Customer: replied 4 years ago.
Thank you for letting me know that I'll receive a notice instead of the IRS just collecting on the income, which they eventually will.
Expert:  Chad Oberg replied 4 years ago.

Customer,

 

If you can try to not get the notice even if you have to amend your 2009 tax return if already filed.

 

Regards,

 

Chad

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10 + years of accounting and tax experience, financial statements and business planning