Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-10-2012, 09:00 PM
Junior Member
 
Join Date: Apr 2012
Posts: 1
1099-INT wrong year...what should I do?

I cashed in several bonds in January of THIS year (2012). My bank sent a 1099-INT form that is dated 2011. Should I include this income on this year's filling? Technically, I don't think I should because I cashed at the beginning of this year and thus it isn't income for 2011. But I want to double check. Any ideas? Thanks!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-12-2012, 11:00 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
“I cashed in several bonds in January of THIS year (2012). My bank sent a 1099-INT form that is dated 2011. Should I include this income on this year's filling? “---->If you have not reported the increase in the redemption value of the bonds as interest each year, you must report all of the interest in the year they are cashed, 2012, or otherwise disposed of if your total taxable interest for the year, 2012, is more than $1500, you must complete Sch B, Part 1, and attach it to your Form 1040; if your total interest is not more than $1500 for the year,2012, then you need to report the (savings) bond interest with your other interest on the "Interest" line of your tax return.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099 int reported wrong limablue Income 2 06-21-2011 11:32 AM
wrong 1099/already filed phtree Income 1 02-08-2011 04:28 AM
Client Filed 1099 For the Wrong Year, Now What? sadasiva Filing Requirements 0 02-01-2010 05:56 AM
Wrong 1099 Help ColoradoGirl Income 0 09-02-2009 07:48 PM
Wrong information on 1099? Garman Income 1 02-19-2008 12:50 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.