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WMIH Corp. Message Board

  • brandmarty2 brandmarty2 Mar 24, 2014 10:58 PM Flag

    Got my 1099-B and corrected 1099-INT

    It reports on my 1099-B the same exact amount that was reported a few weeks ago on my 1099-INT. My 10-99-INT now shows 0.

    So it's about 12.6% of the amount that is owed to me or $1.32 per share.

    So it cannot be a mistake twice. The only thing I can think of is that the LTI mistakenly records 6 times the amount of H shares I got. In that case may be I should keep my mouth shut :)

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    • I received the same - one 1099B and a new 1099-INT. As long as I report these two documents and the payment I received for my H shares in 2013 with the IRS, what is the problem? I'm confused with what everyone is talking about!

      • 1 Reply to vvarma71
      • You don't have to report anything as dividend on your schedule B because your 1099-INT shows 0. You do have to report as capital gain on your schedule D (long term or short term depending on when you bought your H shares and also profit or loss depending on what you paid for H). You report 21 cents per share or whatever that end up to be as reported on your 1099-B. Last year, you should have reported your $7 per share as capital gain/loss. This year you only report only 21 cents per share.

        My problem is that my 1099-B reports the wrong amount. Hopefully they mess up and think that I own more H shares :)

    • $1.32 per share is definitely not right (assuming the rest of us have the "right" amount of 21 cents per share).
      So its a good thing we shareholders can communicate on this board - or you would never have known. If you do nothing, you could be in for a big mess. To get your excessive tax payment back, you would have to file a revised 1040. Rumors are (and I believe it has been also statistically proven) that revising a 1040 has a much higher probability of triggering an audit. I can't give you advice, but if it were I, I would call them and ask what is going on. Meanwhile, I would file for an "automatic extension" from the IRS, and pay estimates (its OK even to overpay on the estimate, as you can get it back in a few weeks, once this mess is sorted out).

      Good luck !

    • Brand while it would be great if 'the bank erred in your favor', I'd hate for you to pay taxes on something this year that you have no chance of ever receiving. Not to mention having to deal with filing amended returns....

      Have your LTI letters always shown the correct total balance amount outstanding?

      • 2 Replies to lost_in_bkk
      • Yep my LTI statement have always been correct including the recent one that I received on 2/14. Perhaps they mess up my balance. So either I call the LTI to report erroneous 1099-B now or wait until May for another LTI statement to see if they now report higher balance or not :)

      • wtngent Mar 25, 2014 9:52 AM Flag

        I agree. I finally received my 1099-int and 1099-b. The "int" is 0, but my "b" indicates slightly over .21 per share. I think this is similar to others except Brand's 1.32. I think the tax due on this 1.32 amount should be of concern. Brand if you are reading this, I think keeping silent will come back to haunt you in terms of taxes and filing amendments. I think "Lost " is giving you sound advice, but it is already getting rather close to the tax deadline so a 1040 extension may be necessary until the matter is resolved.

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