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How often does your bank screw up your form 1099-INT?

#1
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8/20/08 at 4:18pm
  • Joined: October 1998
  • Location: Boise ID
  • Post Count: 7,206
From now on, everytime I think of Star One Credit Union (old Lockheed CU) I'll visualize this:



Those knuckleheads added my IRA interest (more than $800) into the taxable interest reported on my year 2007 1099-INT.

When I was closing my accounts a week ago (they have no branches in Idaho), they only then noticed their mistake and issued a corrected 1099-INT. So I had to spend time today preparing Federal and Idaho sets of amended returns....all to get back $108.

Isn't this entire process automated? Doesn't some employee hit a single button on his/her keyboard, and all customers' 1099-INTs get printed and mailed without human intervention?

Has anyone else received a 1099-INT containing such a flagrant error?

Feline videophiles Susie and Dukie.

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#2
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8/22/08 at 3:54pm
  • Joined: November 2003
  • Post Count: 981

Re: How often does your bank screw up your form 1099-INT?

If you want to see some real SNAFU stuff, buy some shares in a Canadian trust. I had three sets of corrections last year regarding taxes withheld and dividends paid and corrections for the exchange rate. It's why G-d created CPA's.

Mort
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#3
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8/22/08 at 4:07pm
  • Joined: October 1998
  • Location: Boise ID
  • Post Count: 7,206

Re: How often does your bank screw up your form 1099-INT?

Quote:
It's why G-d created CPA's.

I thought the Devil created CPA's.

And those evil creatures not good enough at math to become CPA's became lawyers.

Feline videophiles Susie and Dukie.

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#4
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8/22/08 at 9:13pm
  • Joined: February 2004
  • Location: Beautiful Fort Worth
  • Post Count: 3,571

Re: How often does your bank screw up your form 1099-INT?

Quote:
Originally Posted by Epimenides the Cretan
All Cretans are liars.


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