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Conflicting 1099's

A friend of mine who does not use internet resources well told me this. Unfortunately, I do not know the details.

A bank who was supposed to act on behalf of the fund, including the preparation of 1099-DIV forms, found the task too expensive. They farmed out the work to another party. Now my friend has two 1099 forms, one from the bank and one from the contractor. The two forms conflict. In the current business climate, it is very difficult to track down a real human who can resolve such problems or even know what the facts are.

What is one to do?

Reply to
Salmon Egg
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Assuming the person can not get an explanation from either sender, then that person should use the 1099 that matches what was actually received. What was actually received should be available from more than one source. Remember, the 1099 is nothing more than the yearly total of payments made or credited to the person's account.

Reply to
Alan

You've only got one side of the story, and a summary one at that. Maybe multiple payers were indeed involved?

[...]

Unlike a 1099-MISC, a 1099-DIV does not require a payer phone number. However, it does provide a mailing address. An old-fashioned letter is your best bet to "track down a real human"; whether they can resolve the problem is another matter...

Reply to
Mark Bole

The problem has been resolved. As it turns out, each of the two payers covered two distinct time periods. The were before and after the transition. It was resolved by going through about 40 separate dividend payments. When added up, these payments totaled the sum of what was reported on the two 1099-DIV forms.

Reply to
Salmon Egg

yep - best to ask more questions of friends who have a question based on their "facts". Happens all the time.

Reply to
Pico Rico

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