1099 reporting of returned funds

July 5, 2021

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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…

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