Help - The 1099-A Process

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Frivolous Filings

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indi

If someone does mess up any of the forms will there be a warning from the so-called authorities before any fines are imposed?

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michael
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Also Chris has mentioned to show him before sending and he will tell you if correct.

2 Answers
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Administrator
Best Answer

Chris has said in his Q&A that you would usually expect a warning.

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indi
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Great thanks, I have watched all his video I must have missed that part.

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Donnie Cooper
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I’m submitted one online to irs to pay my mortgage off and I added about 15 thousand to it,am I in trouble?

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Holly Burns
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Donnie, as far as I know, you are ok to keep up to 20% over what your debt amount is and do what you want with it, although I know that amount is debated by some that say not to keep more than 5% and some day 18%, etc.. but most are saying 20% overage is ok to keep. So, if it were me in the first place, I wouldn't put more than 20% over on any debt I am doing a 1099A on, but if you get back more than 20%, then sure, I'd go with Rebecca's suggestion for the rest.

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rock crusher
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They don't shoot people for making mistakes, chill out.

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Rebecca K Murphy
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If the process goes through and your mortgage is paid off and you receive a check for $15,000 I would suggest that you put the money into upgrading to your home and keep receipts. Keep us posted 😊

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