Installment Agreement/1099
Date: Mon, 12/13/2010 - 16:49
I'm sure I can satisfy the IRS' "insolvent" clause, but would the 1099 be filed for the current tax year or will it be generated when the agreement has been completely paid off (the 21%).
I'm not going to pass on the 21%, I'm just curious about how the 1099 would work with the end of year (since i'm not going to finish paying it off until 2011).
Thanks in advance...
You will receive it after your final settlement payment, so not
You will receive it after your final settlement payment, so not until late 2011.
i was wondering that myself... you would think it would be the d
i was wondering that myself... you would think it would be the date you actually entered into the agreement, which would be this year..
Thanks for the quick response. As I said, I'm insolvent accordi
Thanks for the quick response. As I said, I'm insolvent according to IRS documents but it doesn't hurt to cover all of my bases.
Because the settlement is contingent on payments being made as a
Because the settlement is contingent on payments being made as agreed, it is settled as of the date the final payment is made and considered settled by the creditor.
The 1099 will have a date on it too. I always used that and it h
The 1099 will have a date on it too. I always used that and it helped in my case. One of them had the date wrong but it worked in my favor. Had they had it right, I wouldn't have been insolvent then!
I think, too, they have something like 2 years to 1099 you. I don't think they all come timely.