Help with Bank of America 1099C/Removing TL

[onceuponadime]

This is going to be a long one, so I apologize now for all the questions...I've been doing some reading but still need some clarification about 1099c, so any insight or info would be appreciated.

 

I have an old BOA charge off that I never did anything about because it was still within SOL until this year (which is, I’m guessing, why they decided to issue me a 1099c).

 

From my reading, it’s my understanding that they should have filed this within 3 years from the DOFD, right?

 

If that’s true, what can I do about this?

 

I may be able to prove that I was insolvent – I believe I wasn’t working at the time, but I will have to go back in my bank records to confirm. If this is the case, do I need to amend my tax returns with a 982 form?

 

How does a 1099c affect my ability to remove the TL from my reports? I am guessing that if I were to dispute this now it would come back as verified because of the 1099c? I ordered my reports weeks ago and have not received a response from any of the CRAs, so I backdoored TU. From what I can see, nothing has changed.

 

This is the info on the TU TL:

BOA

Date opened: 7/27/07

Balance: $861

Date Updated: 05/30/09

Last Payment Made: 03/31/09 (not true, did not pay after CO)

Past Due: $354

Pay Status: Charged off

Date Closed: 01/08/09 (Shows 120 days past due for Jan, Feb, Mar, Apr of 2009)

Remarks: Closed by credit grantor; Unpaid Balance Charged off

Est. Removal: 09/2015

 

This is what is written on the 1099c:

 

Date of Identifiable Event: 12/31/13

Amount Discharged: 603.28 (I don’t know where they got this number from, I think the portion that is not attributable to fees and interest was less than $600)

Description: Uncollected Debt

Borrower was Personally Liable

Event Code: G

 

Any suggestions?

 

Thanks!!

[ICANHASMUNY?]

it's only $603 - it's not going to cost you that much in taxes , really

 

what's interesting is the difference in the balance - what they wrote off and what they are reporting.

 

 

dispute the tradeline

 

was the 1099c issued for 2013, and did you get a notice from the IRS?

[onceuponadime]

it's only $603 - it's not going to cost you that much in taxes , really

 

what's interesting is the difference in the balance - what they wrote off and what they are reporting.

 

 

dispute the tradeline

 

was the 1099c issued for 2013, and did you get a notice from the IRS?

 

ICAN, Thanks for responding.

 

Yes, I received the 1099C earlier this year and included it in this years taxes. I didn't receive anything from the IRS. I'm fine with how my taxes came out, I went back to school so I got money back this year regardless.

 

I was more concerned with the TL. The balance reporting on the TL is correct, that includes the fees and interest they charged me. I don't know where they got the $603 from - this they seem to have made up (this wasn't even the total before interests and fees, it was less than $600).

 

The dates are all wrong on the TL, should I dispute using Jack Attack or is there another basis I should use?

 

Thanks for your help!