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MetLife provided incorrect cost basis on an annuity period…

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MetLife provided incorrect cost basis...
MetLife provided incorrect cost basis on an annuity for a period of 6 years when the annuity matured. Prior to surrendering the annuity I had them confirm in writing the cost basis. After surrendering the annuity ,I am advised the cost basis is zero due to aggregation. is MetLife liable for the incremental tax liability I will incur?
Submitted: 2 years ago.Category: Finance
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Answered in 1 minute by:
2/1/2016
Financial Professional: Megan C, Certified Public Accountant (CPA) replied 2 years ago
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Finance
Satisfied Customers: 16,608
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thank you for your question,

As frustrating as it is, they will not be liable for the tax owed. If they made a mistake on tax documents, they would need to fix it so you can do your tax return accurately.

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