IOFM Members rely on “Ask the Expert” whenever they’re stumped. IOFM's tax experts are standing by, ready to answer your 1099 compliance questions. And a panel of more than 100 AP practice leaders are also on call for your next best practice question.

1099 reporting of returned funds

July 5, 2021
July 5, 2021


Q. If you issue a payment to a couple (married or not), who gets the 1099? In my example, it is not really a legal settlement, but we want to return funds to a couple that lost funds in a home loan that did not go through. Legally they were not entitled to the funds, but we want to repair the relationship in hopes of doing business with them again. They were both equal on the original loan application. The check will have both of their names. Do we report both as 50/50 or 100/100? A. (Answered…

  Become A Member

Join IOFM today as a Professional, Business, or Enterprise Member — or upgrade your Starter Membership — to get access to this content and thousands of other Articles, Webinars, Expert Answers, Resource Downloads, and more!

Join Today

Naturally, this forum doesn’t allow the kind of full information exchange necessary for the Institute of Finance & Management (IOFM) to provide legal advice and the Expert is not a tax attorney in any event. Please understand that the nature of our responses are limited by these constraints as well as the site’s Terms of Use. If you have further questions or suggestions about how we can improve IOFM, please let us know. 
Ask The Expert is a member resource of IOFM and all advice provided is subject to site’s Terms of Use.

Subscribe to our Monthly Insider

You may unsubscribe from our mailing list at any time. Diversified Communications | 121 Free Street, Portland, ME 04101 | +1 207-842-5500