1099C Audit

Posted By: Midnight

1099C Audit - 03/08/11 03:30 PM

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?
Posted By: BrianC

Re: 1099C Audit - 03/08/11 04:00 PM

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.
Posted By: Midnight

Re: 1099C Audit - 03/08/11 04:47 PM

Thank you crowman3! smile