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WMI Holdings Corp. Message Board

  • danti89118 danti89118 Mar 10, 2014 4:11 PM Flag

    PIERS-1099

    Me
    my email To Angela Nguyen
    Today at 10:26 AM
    Can you be more specific what tax forms , is it 1099-B or 1099-INT? Do I expect to receive any more statements or tax forms after this for 2013 tax purpose because last year I'd receive 1099-B ~March 6th and then a beneficiary statement letter later ~April 2nd!
    ALSO about the distribution for this , when do I expect to receive a check? I've heard that May 1, 2014 Is the day for distribution for this WMI-PIERS! Is that true?
    Thanks very much for your fast response---Appreciate mucho! :)

    Angela Nguyen
    To Me
    Today at 11:21 AM
    It will be a 1099 INT form. There will also be a beneficiary statement letter sent out in April, similar to last year.

    The next scheduled distribution as required by the Plan is for May 1, 2014. If a distribution is made, Tranche 4 claimants, of which Class 16 is one, are next to be paid.

    Angela M. Nguyen
    KCC

    yeah, that's how I wonder why the hell is different this year? HAHA they made a mistake and wasted our time and delay filing taxes again... so Lost, since you have rec'd the 1099-int instead of 1099-b, do you think the amount will be the same? Can you figure out is it 1 $3+ pps? SOME PEOPLE AT THE SMART BOARD REC'D HUGE AMOUNT LIKE A 1099-B AND SOME REC'D SMALL LIKE AN INTEREST ...SO WHAT DID YOU GET?

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    • I received my 1099-INT yesterday. The amount reported is about a little bit than 2% of the amount of PIERS I have and so this is exactly the interest income. As such, it should be reported on a 1099-INT because it is interest income. I don't see anything wrong with it that KCC said they have to change to a 1099-B. Unless they want to report the other 3.5 per share because there is enough money to pay, then they have to report on a 1099-B. We will see if we will get a 1099-B in April like last year but this time, it will report 3.51 because 7 was reported last year already. That will be a good sign that there is enough money to pay PIERS without having to claim money somewhere else.

    • wow, checked my mail and still nada...she said the 1099-int was sent out last Monday from Seattle and I live on the same West coast----lost in the mail again!! Has anyone from the west coast received it yet...even it's a wrong 1099!!

    • wtngent@att.net wtngent Mar 10, 2014 6:00 PM Flag

      Danti, I am a bit confused about the 1099-int and the Beneficiary Statement Letter because both are reporting interest earned, although the latter is reporting other things as well. My question is how do they differ in terms of interest? I assume the 1099-int is based on the Piers, then what is the interest in the beneficiary letter based on?

    • danti….as i said in a previous post the stated amount in section 1 of the 1099-INT i received equated to interest of roughly 21 cents a share

      if someone stated their form had a large amount then then it is because they hold a large number of shares….

      but this is no longer relevant as this form was sent out by mistake….the correct form, a 1099-B, will be mailed out this week

 
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