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posted Mar 12, 2025 5:45:50 PM

Bank refund for unutorized product

Wells Fargo was forced to sent us a refund for Mortgage Accidental Death which was not utorized by us.

The stated that "Wells Fargo may be required to report some of this payment amount to the IRS and you may be responsible for any federal, state, or local tax obligation associated with the portion of this payment. Consult tax advisor regarding pontial tax liability or tax form you may receive"

We did not received any forms and we are not sure if Wells Fargo reported any amount to the IRS. How should we proceed?

Andrzej 

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1 Replies
Level 15
Mar 12, 2025 8:00:19 PM

If Wells Fargo had reported anything to the IRS they would have sent you a copy of the reporting form. It would be some type of 1099-series form, probably a 1099-MISC. But a refund of insurance premiums that you paid is not income, and would not be reported. If you did not get a reporting form, you have nothing to put on your tax return. Just forget about it.