What is the name of your state (only U.S. law)? IL
I have a 1099 that says the tax is based on the principle and gain. For example, if a $10,000 investment has a $1000 gain then the tax liability is based on the gain or the $1000. In my case, the 1099 is telling me the tax liability is $11,000. I can prove the original $10,000 investment. I will try and correct the 1099, but in the event I am unable to do so, should I just write a letter and explain the situation?What is the name of your state (only U.S. law)?
I have a 1099 that says the tax is based on the principle and gain. For example, if a $10,000 investment has a $1000 gain then the tax liability is based on the gain or the $1000. In my case, the 1099 is telling me the tax liability is $11,000. I can prove the original $10,000 investment. I will try and correct the 1099, but in the event I am unable to do so, should I just write a letter and explain the situation?What is the name of your state (only U.S. law)?