Report: #1358506

Complaint Review: Capital One 360

  • Submitted: Sun, February 26, 2017
  • Updated: Sat, July 22, 2017
  • Reported By: Debora — Oakland California USA
  • Capital One 360


Capital One 360 Capital One Appears to Be Exempt from Federal Reporting Rules St. Cloud MN Nationwide

*Consumer Comment: Not Necessarily

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Received my Interest Income statement 1099-INT (1099 Form) in the mail on February 25, 2017, after my taxes were filed. I now must refile my taxes with the correct figures.

There was no date on the envelope as it was printed with 'Presorted First-Class Mail U.S. Postage Paid VE LTD

This statement by law should have been sent on or before January 31, 2017. It was not. The bottom of the form bears the date of 2/10/17-P.

I would like to have printing and mailing costs of state and federal taxes reimbursed. In addition, if there is auditing by the IRS or Franchise Tax Board I want to have all costs associated with any audit to be reimbursed by Capital One if the correspondence is related to any aspect of the late notification of Capital One interest income.

I would like a response from both Capital One N.A. and The Federal Deposit Insurance Corporation.

This report was posted on Ripoff Report on 02/26/2017 04:42 PM and is a permanent record located here: 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. Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report. READ: Foreign websites steal our content

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#1 Consumer Comment

Not Necessarily


For starters, there is not enough information.  Capital One 360 has brokerage accounts for which interest would be earned.  Brokerage account tax documents are due to the holders on or about February 15th (usually the forms are available through their online service prior to the 15th).  For brokerages, this February 15 due date has been law since 2008.  If your tax document was in association with a brokerage account, then they've been consistent with the law.  If you have a simple savings or MM account, then yes it would have been due to you prior to February 1.  Your description of the document you received with the date at the bottom suggests the document would have a February 15 due date for availability.


Having said all of this, the IRS makes it very clear the responsibility to make certain you have all your tax documents, falls to you as the filer, not the institution providing the document to you.  If you believe there is a tax document you're missing, then the duty to collect the document is yours.  The institution (Cap One 360) is under no obligation to even file the Fed copies of the forms until the end of February (yes, even the forms due to holders on February 1), and usually that filing is done electronically.  If you filed your 1040/540 prior to February 28th, the IRS and FTB didn't even have your 1099 forms at the time they processed and issued you a refund; they simply assumed you filed correctly and issue a refund.  Generally, the IRS catches up with people who forget to include a 1099 sometime in April or May, and then advise the filer to make a correction...  If you are audited, and I seriously doubt that will happen, the cost of any tax due will fall on you, plus interest and penalties, as the IRS will fault the filer and not the institution. 

Just file the 1040X/540X - the forms are available online - and just be done with it....  Best of luck to you.

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