Wrong TIN on E*Trade account
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Wrong TIN on E*Trade account The club taxes are completed and I need to send a cover letter explaining E*Trade's reporting under the wrong number. Calls and letters providing the correct TIN to E*Trade failed because the account was closed. I talked to the IRS for advice and the person suggested a I attach a cover letter plus correspondence with E*Trade. What should this letter include beyond proof of the correct TIN? Thanks in advance, Carol Nelson Concord Area Stockholders My advice is not to waste your time on a cover letter with which the IRS
computer is not going to deal. If the IRS questions you, there will be plenty of
time and opportunity to clear the matter up.
Rip West
Saint Paul, MN I'm not sure I would do anything. As long as you've filed your tax return using the correct EIN, I wouldn't worry about the 1099 having the wrong EIN. The IRS is worried about underreporting, not overreporting. Should the IRS ever contact you about a "missing" return for the wrong EIN, you can explain it then. However, I wouldn't hold your breath waiting for that contact. The IRS computers get a lot of documents with the wrong EIN and their first response is to the payer who is told to begin backup withholding. Since your account is already closed, there's nothing to withhold from, so that will be the end of it.
If I've misunderstood your circumstances, disregard my advice as it might get you in trouble.
Ira Smilovitz
Join me at InvestEd 2010
Investor Education at Its BestTM Baltimore, MD August 6 - 8, 2010 http://www.investor-education2010.org/ In a message dated 03/06/10 13:33:33 Eastern Standard Time, cnelsonnh@bivio.com writes:
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