Posted by William Charles on August 13, 2019
Credit Cards

Published on August 13th, 2019 | by William Charles

86

Chase To Send Out Corrected 1099-MISC Forms, Will Pay For Amended Filing Fees

Update 8/13/19: Chase is apparently considering a statement credit which offsets the annual fee (e.g. via retention offer) to be 1099 income as well. (via safxtacy) Other things like mortgage rebates and bonuses count as well.

Update 8/12/19: Looks like the corrected forms are finally being sent out. Hat tip to d0ctorofdebit

Update 8/2/19: A number of readers reported receiving this letter today, despite Chase stating that a corrected form would be sent by July 30th. It seems to be affecting Chase Ink Preferred cardholders that received any referral bonus for 2018.

Original Post:

Chase has sent out an physical letter to some account holders letting them know that they sent out an incorrect 1099-MISC form in late January and will be sending a corrected form by July 30th, 2019. For people affected this means they will need to file an amended tax return, Chase is offering to pay any fees you pay for filing this amended return.

It would be nice of Chase to include what error was made to help consumers. It would also be nice for them to send the correct information in the first place. I’m not even sure what the error was this time, back in February they had to send out corrected 1099-MISC forms because they reported a $5 paperless bonus as $500. I get that mistakes happen, but this is ridiculous. I also don’t think that just agreeing to pay for the amended filing fees is enough in this case given the time it will also take for people to rectify Chase’s mistake.

Hat tip to Lttruong



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qmc
qmc

See what happens when you people file your returns on time!

welp, I guess I’ll wait to see whether I get one ….

LC
LC

Come on… lets see some attorney generals suing Chase now!!

Jim
Jim

One of my favorite corrections! It’s “attorneys general”

LC
LC

What if there are multiple AG’s?

Mike
Mike

That’s when “Attorneys General” is correct

Curmudgeon
Curmudgeon

One overpaid political hack: attorney general
More than one overpaid political hack: attorneys general
Bunch of lawyers join the army and get promoted to the top: attorney generals
Hope this clears up any confusion.

Bobby
Bobby

Plural is Attorneys General, as mentioned earlier.

Frito Pendejo
Frito Pendejo

My wife is charging me $500 to file the amended return

DT
DT

I wonder if you’ll get a 1099-MISC for the reimbursement amount…

ShadowRegent
ShadowRegent

If so, will it be correct?

LC
LC

No and its all apart of their infinite money laundering scam.

MoreSun
MoreSun

Anyone who got one of these letters have any idea what Chase is correcting?

Abelian Grape
Abelian Grape

UR referral bonuses

Brain
Brain

Mine was regarding a marriott referral

Jay
Jay

Your move, Amex.

Sonia
Sonia

Again?!….😡😒

John
John

This whole thing was so poorly executed!

b
b

My letter arrived today. I called the number on the letter for info and they had no idea. Transferred me to the wrong department who had no idea. Currently on hold in the right department — who has no idea

b
b

ultimate result from 30 minutes of wasted time… Chase business lending has said that they did not send the letter, have no idea what the letter is, that the form # on the bottom isn’t them, the number to call on the letter isn’t them (yet it got me on the phone with them in the first place) and to disregard…

I’d HUCA, but it sounds like 7/30 will come around before they have an answer…

LC
LC

i dont get why these reps have zero power. Like how can they not just type in a SSN (after verifying the person) and find exactly how much 1099 they sent and when they sent it??

Brain
Brain

This was my experience with citi too. i got a 1099 from that that wasn’t even tied to any accounts I have with them. Literally could not get anyone on the phone who knows anything about 1099s.

Josh
Josh

I wonder if they are ADDING or REMOVING the valuation of the 1099.

Richard
Richard

I got a different version of this letter today. Mine states “Important: We’ll be sending you an IRS tax form” – in my case, the 2018 1099 they’re sending will be the first I received. Bunch of morons. “As part of an internal review, we determined that we should have sent you …an IRS Form 1099-MISC…” So the mystery 1099 is on the way.

MoreSun
MoreSun

How much was/is your 1099 supposed to be for?

uclalien
uclalien

My wife got the same letter as Richard, but it contained zero information about the mysterious 1099 “that should have been sent.”

james
james

nothing to worry, just wait for the irs to send you a correction. because if you do a amended return now and if there is anymore corrections (like amex or another correction to this) it will be a pain to deal with. Just pay a small fine once you pay the bill

MoreSun
MoreSun

Fam member got this letter today dated but it was dated 7/30. CIP. I suspect it’s because they should have been issued a 1099 for $600 but they weren’t issued one at all.

Also saw another DP on reddit of someone getting a 7/30 dated letter. Looks like another batch is out.

james
james

If it is small I suggest just waiting for irs to do the correction and mail the bill. Who knows if there will be other 1099 corrections. and fine is small not worth the hassle

MoreSun
MoreSun

Yeah- no. Chase is covering the costs anyway so they’ll just turn the accounts bill into Chase if they have to fix anything. No reason to play catch me if you can with the IRS on this.

LC
LC

Thanks for the unsolicited tax advice. I’ll just file the amended taxes whenever the 1099 comes.

James
James

what happens if you do an amended and then another 1099 correction comes then you do another amended then one after that but this time from a different financial institution. So much trouble

Stan
Stan

what a bunch of a-holes

Lc
Lc

They should be fined by the IRS for failing to keep accurate records and sending out 1099 3+ months after filing deadline. Irresponsible for biggest bank in USA..

james
james

maybe they did get fined. who would know. They must have got a glitch of some sort in their system causing a few (not all) CIP referral bonus errors. I think a very small percentage had this issue because when the original 1099s were issued no one mentioned about having CIP not counting. A lot of people even said they had it under their SSN

MoreSun
MoreSun

100% were issued to SSNs. Accounts with EINs had 1099s issued to the SSN who held ultimate responsibility.

Youngestofallthebuck
Youngestofallthebuck

Chase only sent the 1099 for the specific CIP mentioned in my letter for $600 (60k UR), while according to my records it should have been for $800 (80k UR). Might not be a correction in the direction we want to see

Paul
Paul

This is some B.S. Chase.

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