922 – Review of unreported income

Home Forums General Discussion 2018 Tax Season 922 – Review of unreported income

  • This topic has 4 replies, 1 voice, and was last updated 7 years ago by Team RamRod.
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  • #4212046
    Team RamRod

      Greetings all. Just wanted some opinions. Filed 2/2, PATH, and WMR been at 1 bar ever since. But around 2/4 checked on transcripts and, of course, 2017 were not yet available. I did look at 2016 and noticed a 922 Code dated 2/20/18 for review of unreported income. I was baffled as to what it could be so I checked the income and expense transcript and say a 1099C was issued in May of 2016. This was for a car i owned over 15 years ago when I was just out of college that i was irresponsible with payments and that was repossessed. I had no idea that forgiven debt was taxable, but it makes sense. Issue is that the address the creditor had was very outdated and I never received this 1099, knew nothing of it until i checked transcripts on 2/4/18. I have been debating if i should file an amendment or not. Today I looked and my 2017 transcripts are now available. None of the 2017s show any mention of this 1099, however i do not have a refund date code listed , but again I am PATH. Also no code or anything indicating a letter was sent to me.

      I was kind of surprised the 2017 transcripts do not reference this….could that mean it was deemed non-taxable or is it still too early to know? Want to get out in front of this if it will make the process smoother, but also scared doing so if it is not needed will cause more headaches/delays.

      Thanks in advance and many happy returns!

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      • #4212048
        lance

          I think its still too early and you wont see any updates to transcripts or wmr until atleast after 2/15. Just like last year I thought I was good to go because everyone says once you can view transcripts you are done processing just awaiting the path release date, but come to find out I had to id verify after path went away on 2/16. I think alot of people will be surprised at what comes their way after the 15th. Being able to order/view transcripts now doesnt mean anything in my opinion as they will update more once path is gone.

        • #4212073
          Team RamRod

            Joe/Tia, I wanted nothing but real answers so I appreciate both of your replies. My mind was already heading towards waiting until the 15th but was wanting to get confirmation from others who may have more experience than I. all of my past returns have been painless and i want nothing more than for this year to be the same. Just now that i see that I missed a 1099 that may throw up a flag i want to do whatever i can to speed up the resolution on both sides of my return. Much thanks to both of you!

          • #4212069
            Tia

              @joe I totally agree with you, but no one on here wants real answers they just want the fantasy. Path and return transcripts are not the end of the road. After the 15th dates will change on transcripts and there will be all sort of updates.

            • #4212061
              Joe

                I think its still too early and you wont see any updates to transcripts or wmr until atleast after 2/15. Just like last year I thought I was good to go because everyone says once you can view transcripts you are done processing just awaiting the path release date, but come to find out I had to id verify after path went away on 2/16. I think alot of people will be surprised at what comes their way after the 15th, as PATH is holding it back for the moment. Being able to order/view transcripts now doesnt mean anything in my opinion as they will update more once path is gone.

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