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New Member
posted Feb 15, 2021 11:25:24 AM

I rec'd a check from the Wells Fargo. CPI settlement will i need to claim on taxes? I haven t rec'd any tax docs from them nor got a response if will

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Expert Alumni
Feb 15, 2021 1:52:30 PM

Do not report the proceeds of a Wells Fargo CPI settlement on your tax return.

 

The nature of the Wells Fargo CPI payments depends on the reason you received a settlement. In many (most?) cases, they were refunds of non-deductible fees or insurance premiums charged by Wells Fargo. Refunds of such payments would not be taxable,

 

If the check you received was potentially taxable, Wells Fargo would have issued a Form 1099-MISC.