Wrong amount on 1099

This is the Treasury Department reply to my inquiry:

When bonds are redeemed at the financial institution they are the office that will be able to handle your discrepancy. Please call the financial institution that redeemed your bonds and they should have records of your bonds that you redeemed.

The banks says to deal with the Treasury. Each is fobbing it off on the other. Who do I believe?

 

debodun said:
This is the Treasury Department reply to my inquiry:

When bonds are redeemed at the financial institution they are the office that will be able to handle your discrepancy. Please call the financial institution that redeemed your bonds and they should have records of your bonds that you redeemed.

The banks says to deal with the Treasury. Each is fobbing it off on the other. Who do I believe?
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Since you turned over signed bonds to the bank for deposit into your account & trusted them to do that. You need to have a face to face conversation with the bank manager. It's not about belief it's about confirming for yourself what took place preferably in writing once you are satisfied with what took place.
 
After not hearing back from the bank's main office by telephone contact, I paid a personal visit to the local branch. The manager was very contrite and apologetic, but could not explain the discrepancy on my 1099 and promised to look into it.

What gets me is the bank agent said it wasn't the bank's problem and I'd have to contact the Treasury Dept since the bank only reports what the Treasury tells them. When I called the TD, they said I'd have to straighten it out with the bank. Typical run around....
 

I believe it is the bank's problem, since they are the ones who issued the 1099. If they just report based on what Treasury told them, then they must have some kind of communication from Treasury telling them what to report, and surely someone in their accounting department must be responsible for checking to see if what Treasury reported to them matches what the bank deposited in your account. AND I am certain the bank has to keep backup documents to justify what their 1099 says.

Back when I issued 1099s I sure had to keep documentation to justify the amounts reported.
 
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