Strange 1099- INT

[Larmil]

I am looking at a 2012 1099-INT that a client received. The amount in box 1 is 1,487.50. The amount in box 4 is 3,087,981.00. DUH????

[FEDUKE404]

Look further

Is it an OID document?

Sometimes they have some "strange" numbers.

FE

[Larmil]

Is it an OID document?

Sometimes they have some "strange" numbers.

FE

1099-INT not 1099-OID, but there is a 1099-OID in the same consolidated statement with no numbers on it.

[Bees Knees]

Nobody is going to have $3 million in federal withholding on 1,400 of interest earned. Unless you want IRS criminal investigators knocking on your door, I would require your client to get a corrected 1099-INT before doing the return.

[Larmil]

Nobody is going to have $3 million in federal withholding on 1,400 of interest earned. Unless you want IRS criminal investigators knocking on your door, I would require your client to get a corrected 1099-INT before doing the return.

I am going ahead with the return claiming the interest but with no withholding. The client is contacting the issuer to get a corrected.

[mastertaxguy]

I am looking at a 2012 1099-INT that a client received. The amount in box 1 is 1,487.50. The amount in box 4 is 3,087,981.00. DUH????

What you describe reminds me some of the OID scams that have been around, with phony claims of Federal tax witholding. Curious: is this a 1099-INT from an institution where the taxpayer has had long-standing accounts?

I have also seen a 1041-T fraud scam going around originating from Philadelphia, PA related to some UCC-1 filings in the State of Washington.

[DonPriebe]

Strange but true

I once had a W2 with withholding that was over twice the gross income. http://www.w2in.com/data/Funny_w2.pdf

[veritas]

File an Oregon return

They will be happy to send you a refund.

http://www.oregonlive.com/politics/index.ssf/2012/06/arrest_made_in_huge_oregon_tax.html

[Bees Knees]

They will be happy to send you a refund.

http://www.oregonlive.com/politics/i...regon_tax.html

So she gets $2 million and goes out and splurges $2,000 for a used Dodge Caravan, then puts $800 worth of new tires on it.

What a big spender.

[taxea]

I am going ahead with the return claiming the interest but with no withholding. The client is contacting the issuer to get a corrected.

Don't file the return until you have the correct information.

[Larmil]

Don't file the return until you have the correct information.

I HAVE the correct information. The 1099-INT is incorrect.

[taxea]

I am looking at a 2012 1099-INT that a client received. The amount in box 1 is 1,487.50. The amount in box 4 is 3,087,981.00. DUH????

Have the client verify the figures with the issuer.