• Report: #730779

Complaint Review: Wachovia

  • Submitted: Wed, May 18, 2011
  • Updated: Fri, August 05, 2011

  • Reported By: Anna — Crescent City California United States of America
Wachovia
23 Pasteur Irvine, California United States of America

Wachovia WFS FKA financial servicer they sent 1099 to IRS in 09 and never sent us a copy now the IRS is coming after us and we were able to find that they reported it on credit report in 05. We were told by the IRS that they only have 3 Irvine, California

*Consumer Comment: Anna,

*Consumer Comment: Banks can have years to file 1099

*Consumer Comment: TOTAL FEAR SONG...

*Consumer Comment: POO-POO POEM

*UPDATE EX-employee responds: Question for the OP...

*Consumer Comment: Yep

*Consumer Comment: These people who have made comments need to watch dr phil regarding online bullying and how much of a affect it has on a persons life

*Consumer Comment: I JUST TYPED IN WACHOVIA!

*Author of original report: you right we don't matter

*Consumer Comment: There is hope....

*Consumer Comment: Even If You Had Never Received the 1099

*Consumer Comment: I'm willing to bet

*Consumer Comment: Typical!

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My husband and I recieved notice from the IRS that we filed income tax incorrect in 2009. A 1099 was recieved by the IRS, but we never recieved a copy. Looking through paper and credit reports Wachovia had sent the 1099 to an incorrect address. They also had written off cancellation of debt in 2005, but did not send the 1099 until 2009 to the IRS. We were told by the IRS that they only had 3 years to file the cancellation of debt. It feels like there is no protection for us, the banks get bailed out and now we get this huge bill. Now all the sudden I call the bank today and they now have no trouble finding the 1099 information and will make sure it is sent to the correct address. My husband is a disabled Gulf War Vet and we do our best to always be fair and honest. What this bank is doing is not fair or honest.

This report was posted on Ripoff Report on 05/18/2011 03:10 PM and is a permanent record located here: http://www.ripoffreport.com/r/Wachovia/Irvine-California-92618/Wachovia-WFS-FKA-financial-servicer-they-sent-1099-to-IRS-in-09-and-never-sent-us-a-copy-730779. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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REBUTTALS & REPLIES:
1Author 12Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Comment

Anna,

AUTHOR: Karl - ()

Please feel free to give us an update to your Ripoff Report. Thanks.

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#2 Consumer Comment

Banks can have years to file 1099

AUTHOR: MsT - (USA)

Depending on your state law (for example in Nevada it's six years) your bank could have had a number of years to file that 1099. They are also only required to send it to your last known address.  There is a method to deal with this issue if you are unable to pay. It's called an Offer in Compromise and you must qualify for it - your income must be equal to or less than your allowed living expenses - and IRS puts caps on what they'll allow. You also must have few assets to qualify. You can do this yourself but it's a difficult and lengthy process and you should get an attorney to help you. In any case, it was not the bank's fault but your own and your own to resolve.
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#3 Consumer Comment

TOTAL FEAR SONG...

AUTHOR: Karl - (USA)

is available at this site!

Just type in- MERRILL LYNCH, and it appears in the consumer comments section at Ripoff Report #1065.

Thank You

***BANK ALERT: Don't forget to type in the following at this site and read the Ripoff Reports for valuable information if you have a bank account in the USA-

BANK OF AMERICA
WELLS FARGO
CITIBANK
JP MORGAN CHASE
WACHOVIA
GOLDMAN SACHS
MORGAN STANLEY
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#4 Consumer Comment

POO-POO POEM

AUTHOR: Karl - (USA)

POO-POO POEM

One dark night
When the sky was blue
Down the alley
A poop-wagon flew
It hit a bump
A scream was heard
And a man was killed
By a flying turd.

End.
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#5 UPDATE EX-employee responds

Question for the OP...

AUTHOR: Striderq - (U.S.A.)

You say in your last post that this debt has been paid. May I ask how & when? Apperently the debt was defaulted which caused Wachovia to write it off. It doesn't seem to have hit your radar again until the IRS contacted you, so how and when was the debt paid?

I thank your husband for his service. But your comments bring up questions. If his illness was truly service related then the VA would be paying for all medical treatments and prescriptions. If they are paying for these items, then it has no bearing on your complaint and your statements were intended for sympathy.

As far as checking with Dr Phil about cyberbullying, maybe the poster should check with Dr Phil about internalizing emotions ("ihateaflac") and lying. And his posts could be construed as cyberbullying as well. So I guess it's pot vs kettle.

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#6 Consumer Comment

Yep

AUTHOR: mr rik - (USA)

Social misfits.
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#7 Consumer Comment

These people who have made comments need to watch dr phil regarding online bullying and how much of a affect it has on a persons life

AUTHOR: HateAflac - (USA)

These people who have made comments, need to watch dr phil regarding online bullying and how much of a affect it has on a persons life.
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#8 Consumer Comment

I JUST TYPED IN WACHOVIA!

AUTHOR: mr rik - (USA)

AND FOUND 909 REPORTS!

d**n!  These guys must REALLY SUCK!

I also deposit feces in Wachovia's night drop.

Good Day!
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#9 Author of original report

you right we don't matter

AUTHOR: Anna - (United States of America)

Your right it does not matter that my husband became ill, and since has an even shorter amout of time to live beacuse he does not qualify for a liver transplant do to chemical exposer defending our counrty. The only reason I wrote on this web site is because the IRS stated that the bank only had 3 years to file lose of debt. Whatever, BANKS are not fair or honest they ripp people off all the time..
That is why they needed the American people to bail them out. The debt has been payed anyway so hey keep up the great work increasing your fees, and paying your CEO top dollar.
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#10 Consumer Comment

There is hope....

AUTHOR: Adammfo - (United States of America)

There is a chance that could avoid paying any taxes on the additional income resulting from the debt cancellation.  If you can prove to IRS that you were insolvent....(your total assets were less than the liabilities at the time of the debt cancellation).....you can avoid paying taxes.....too bad you have not consulted an accountant at that time ....  you can always play that card, assuming you really were insolvent and can prove that...

CT CPA
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#11 Consumer Comment

Even If You Had Never Received the 1099

AUTHOR: Jim - (U.S.A.)

The IRS requires the filer to put the income onto the 1040 return.  I understand that you would not have known what year the 1099 would have been filed, but the IRS does require the filer to pay the associated tax along with the income, even if that income was debt cancellation.  The worst part is that you essentially knew how much the debt cancellation was and could have been included on a 2006-2009 return because you would have had paperwork indicating the amount of debt forgiven.  If the IRS had come back indicating you failed to put this information on your 2009 return, but in fact put the information on the 2006, 07, or 08 return, you could point this out to them, and all would be well.

By your own admission, the 1099 was sent out but to an address you probably used to have as a residence.  Unfortunately, the bank is not required to perform additional due diligence such as try to figure out where you actually live.

I won't go into the attempt to emotionally tinge your argument; others already did so.  None of those points really change your situation, nor do they present a mitigating circumstance by which you could avoid any taxes.  I would contact the IRS and see if they would waive the interest and penalties incurred if you pay the full amount of the debt now.

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#12 Consumer Comment

I'm willing to bet

AUTHOR: patti - (United States of America)

I would bet on the fact that they did send you a 1099, but they sent it to your last known address.  You didn't send them a change of address did you.  Cancellation of debt is considered income that wasn't paid back.

Also, I have a problem with people that try to play the sympathy card......whether or not your husband is a disabled vet has absolutely nothing to do with this issue.
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#13 Consumer Comment

Typical!

AUTHOR: Jim - (USA)

"We do our best to always be fair and honest."  So tell us...tell us how NOT paying your bills on time is fair and honest?  OK, that's in the past. 

Whether or not the banks received anything from the taxpayers DOESN'T MATTER.  Whether or not someone is a Veteran DOESN'T MATTER. 

When we sign a contract to ACCEPT a lender's financing...then we PROMISE to pay that money back with each payment ON TIME and EVERYTIME. 

The clock runs until the last collection activitiy, sale of the security or otherwise.
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