Do I have to claim this as taxable income? Chase discovered that they miscalculated the repayment plan for my home equity account. They issued me a check as compensation for payments I made beyond what the plan required to bring my account up to date. Someone in the tax department @ Chase today informed me some people were issued a payment as a convenience payment, but he confirmed my payment was due to an overpayment and a refund for what I overpaid. When questioned why I received a 1099-MISC for my refund due to overpayment he replied because anytime they issue a payment to someone it generates a 1099-MISC. I said if I have to claim it will cost me an additional $600 in taxes. He said if the IRS says I have to claim it to call back, open a dispute to see what they will do for me. This sounds very sketchy to me. I already paid taxes on these funds before I paid it to Chase, this was not for interest or overpayment of taxes, it was a refund for payments I made beyond what the plan required to bring my account up to date.
Does anyone know if I have to claim this on my 2017 taxes and do I have to enter in Turbo Tax as 1099-MISC income? They have it listed as #3 Other Income which is bull. I cannot get a live person at the IRS.
