Help - The 1099-A Process


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1099-A for Credit Card/Mortgage payment

Greetings!  I really want to fill this out correctly to avoid corrections fees, so I’ve held out on filing my 1099A online.  Please advise.  

Can the 1099A be filled out online (since hard copies are on back order) and write in the amount charged to be roughly what you have paid on the credit card  in the past for the entire year?  This would put a year’s credit on the card and free up 11 months of paperwork.  So, if you average $2,000 per month on that credit card, write it for $24,000. Is this a thing? I DO NOT want to commit trust fraud, bottom line.  But, since you are allowed to do this for revolving credit type utility bills, are you allowed to do this on credit cards for monthly food service orders, gasoline payment, personal goods and services purchased monthly?

And, since it’s filled out online, how do you get a wet signature added once my 1099A comes in?

Also, although I know CH says to always put the Treasury as the lender, the Jarrets have had success in filling it out with yourself as the lender and putting the borrower as the company you’re paying the debt off to (credit card company, mortgage company).  And, this is MOST important, *only check box 5 in this scenario*  (Check if the borrower is personally responsible for repayment of the debt).

So, with this alternate lender method in mind, my next question is: Do you put the company name or the c/o CEO of the Company Name?  ex. John Doe, CEO of Credit Card Company Name

Am I correct in thinking the CEO‘s Strawman would be responsible for the company, therefore would be directly billed?   

I also want to write a Conditional Acceptance letter to the CEO, addressing my unpaid coupons and asking, once again that he accepts my coupons for all future payments, rather than cashing or shredding them, resulting in my online filed 1099A.  Is this acceptable and reasonable?  Or should I just file a 1099A each year for about what my yearly credit card would be?

Then for paying off my mortgage, could I write in the original mortgage amount or do I need to put in the current payoff amount?  And, for mortgage, do I need to wait till the hard copies come in or is it ok to fill that one out online also?

Please tap the star ⭐️ next to my question if this also applies to you and you would like to know the answer. This will get Chris Hauser’s attention and get a more personal answer from him. Thanks!

🙏🏼 Best wishes to all on a speedy debt remedy!🙏🏼

1 Answer
Best Answer

You need to start off with cancelling the debt with a 1099C

1 Comment

But then your charged on your taxes no?