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Hello from Just Answer.
Yes, the 982 for the forgiveness of the cancellation of debt income is needed. Just not right away.
hello. Not right away?
You can file the paper 1040X, and explain the two 1099-C, one of which is ce3rtainly in error. I might propose that you wait to hear from them.
from IRS or from BoA?
The reason is they are processing your e-filed return, and your refund would get hald up pending review of a paper 1040x. Even this early in filing season, this will add 4-6 weeks to processing.
We already received our refunds.
I have my 1040-X and 982 ready. With explanation. I am just not sure why we have two 1099-Cs and why the dates do not match.
closing date 12/29/2010 and 1099-C with 01/05/2011
Then yes, I would file the 1040X paper, with 982, and include explanation for the two 1099-C and the date of transfer, and the dates on the 1099-C's.
the amounts are exactly the same
on from 928 should I just type the amount once
do I need to do anything with BoA about those two 1099-Cs?
I would just enter it once, and use the narrative on page 2 of 1040x to explain the second one, issued in error.
ok, that's what I already have.
THen, if I answered your question, please click Accept, and thank you.
yes I will click accept in a second, I am not sure if you answered my question about contacting BoA?
shoudl I bother with BoA or jsut explain to IRS?
I wouldn't. I think that's a complete waste of time. Just explain to IRS.
prefect, my last question, the Form 1040X
I leave everything blank, but section III correct?
or course I will put names and SSN?
or do I need to retype all the numbers again?
no, I'd put the income on page 1, and use the second column to report the income and reduction via form 982. That way, IRS will be able to match one of the 1099-C and look to your explanation on page 2.
ok, thank you!
have a good day.