How to do 1099's?

Can you tell how much was in a bank account based on 1099s and knowing the interest rate?

  • AND how do you know (if you see a tax return) if ALL of the 1099s were included? This pertains to an estate, whereby the PR probably skimmed over $200K before death of decedent, but (until the court ordered) had refused to provide any accounting, and now is delaying on providing the tax forms (though court ordered too). Here's the quandary: We can't ask the bank if there are any more accounts or statements, only PR can. Also, we can't ask IRS if those are all the 1099s, only PR can. Fox watching henhouse. How do we know what he stole?

  • Answer:

    Any accountant or CPA can do a forensic check with limited information. For that matter, for the simple issue of "how much money was in the account if it earned $ABC at X interest rate over 12 months" any reasonably bright 7th grader should be able to handle that. See an accountant or CPA. And how do you know that the money removed was stolen? That is going to be a headache for law enforcement.

Anony Mous at Yahoo! Answers Visit the source

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Other answers

Only if there were no transactions in that bank account during the year.

Uncle Pennybags

Yeah, so this is why God invented attorneys and forensic accounting.

Dr. Snark

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