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#1518677 - 03/08/11 03:30 PM 1099C Audit
Midnight Offline
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Midnight
Joined: Jun 2008
Posts: 69
Upper Mid West
I'm auditing for 1099C reporting. The bank currently files for debt owed on a loan or overdraft protection account. They do not file for debt owed on an overdrawn checking account that they charged off. Should these accounts also be included when determining to file a 1099C?

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Audit
#1518712 - 03/08/11 04:00 PM Re: 1099C Audit Midnight
BrianC Online
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BrianC
Joined: Nov 2004
Posts: 6,012
Illinois
Charged off checking accounts that are overdrawn in excess of $600.00 should be reported on a 1099C if there has been no collection activity on the account for 36 consecutive months.
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#1518762 - 03/08/11 04:47 PM Re: 1099C Audit BrianC
Midnight Offline
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Midnight
Joined: Jun 2008
Posts: 69
Upper Mid West
Thank you crowman3! smile

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