Article Date:
March 2014


Word Count:
681

 

 

Big Mistake with Life Insurance Policy


Boyd and Janice Black received a surprise 1099.

 

It showed $109,567 in taxable income.

 

At first, the Blacks ignored the 1099 and its $109,567 in taxable income.

 

About a year later, the Blacks had second thoughts (perhaps prompted by the IRS) and filed an amended tax return, but they did not include the full $109,567 as income.

 

With the amended return, the Blacks attached a check for $4,775. The IRS did not accept or process the amended return, but it did cash the check ... Log in to view full article.

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