I received a 1099-C from a creditor. Then, today I received a letter from them stating that the last 1099-C was sent in error, that no 1099-C had yet been filed with the IRS, and that I would be either be receiving a corrected form or I would not. In either case I was instructed to disregard the original 1099-C I received. So, do I just need to sit here and wait until April 15 to see if I receive another form from them, or are they legally obligated to submit them to both the IRS and to me by a certain date?
I believe it's February 28, but that could have changed. I'll try to check it out. It's been a while since I was involved in issuing 1099s.
1099-Cs must be filed with the IRS by February 28. They are to be sent to the recipient by January 31 unless otherwise specified. It sounds like they sent it to you, and possibly in a reconciliation realized it was incorrect. Was it for more than $600? I'd probably wait until March 10 or so and if you don't get it then you probably won't, because they have to send to the IRS by midnight Feb 28. Since that's on Sunday they should have until midnight March 1 to submit to the IRS, and I assume they'd mail to you at the same time or before.
Just in case you're wondering, no, I didn't work in collections. I issued 1099-MISC to independent contractors working for a company.
