Re: Form 1099 (interest income) from IRS?? [revised]

Jan 26, 2021 Last reply: 5 years ago 5 Replies

Rate this thread:

sethwalkerpoetry 5 years ago

I have a "form 1099" saying they are reporting interest

> income of $177.36, I am not sure who it is from.
> It only says at the top:
> "Payer: 38-1798424
> U.S. Treasury Department
> Internal Revenue Service
> Andover, MA 05501"
> At the bottom it says:
> "This information is being furnished to the appropriate
> department of the Internal Revenue Service. The amount of
> interest paid or credited to you in the calendar year shown
> is on an overpayment of federal tax... It may have been paid
> with your tax refund or by separate check..."
> I did get a really big refund last year.
> CORRECTION - The big refund was in 2001; I paid in 2002.
> Sorry. I have no idea what this might represent.
> << ------------------------------------------------->>
> << The Charter and the Guidelines for submitting >>
> << messages to this newsgroup are at
formatting link
>>
> << ------------------------------------------------->>

I just got this same letter... this has to be a scam

Vote

John Levine 5 years ago

Did you get a tax refund last year? If so, it's probably real.

"Interest on individual 2019 refunds reflected on returns filed by July 15, 2020 will generally be paid from April 15, 2020 until the date of the refund. Interest payments may be received separately from the refund. By law, the interest rate on both overpayment and underpayment of tax is adjusted quarterly. The interest rate for the second quarter, ending on June 30, 2020, is 5% per year, compounded daily. The interest rate for the third quarter, ending September 30,

2020, is 3% per year, compounded daily."

formatting link

Vote

ira smilovitz 5 years ago

John is correct. This is interest paid on your delayed income tax refund. Ignore it at your own peril. You will receive a CP2000 document mismatch notice 6-18 months after you file your return if you leave this off your return.

Ira Smilovitz, EA Leonia, NJ

Vote

Danielle Schiro 5 years ago

I am extremely confused still. I live abroad and received one of these letters. Total interest paid or credited was $36.61. I only made $3500 this past year so yesterday I was told by the IRS that I do not need to file my taxes as I don't meet the global income limit. Do I now need to file my taxes because I received this form from them?

Vote

ira smilovitz 5 years ago

Probably not. When you include this amount, are you still under the filing threshold? If so, you don't need to file.

Ira Smilovitz, EA Leonia, NJ

Vote

Bob Sandler 5 years ago

You can use the calculator at the following link on the IRS web site to see if you are required to file a tax return.

formatting link

Bob Sandler

Vote

Join the Discussion

Have something to add? Share your thoughts — no account required.

Didn't find your answer?

Ask the community — no account required