Discover 1099-Misc

[jcomunale]

Has anyone received a 1099-Misc for a client from Discover Bank? Is this for exiting the Student Loan servicing and is some taxable refund? Clients have no idea. We have come across several of them now. Thank you. 

[sjrcpa]

Other people got a different form

https://accountants.intuit.com/community/proseries-tax-discussions/discussion/1099-c/00/321340

I think the poster meant 1098-C

[jcomunale]

Thank you. These are 1099-Misc's which is baffling. They got the 1098-E for the interest. It is not a 1099-C Cancellation of Debt, it's marked Other Income. 

[dkh]

I had a client that received both 1099-MISC and 1098-E from Discover.    Client did not know why the 1099-MISC was issued either.   The back of both documents has limited $$ breakdown of the total but no explanation.

I offered to hold return until client could determine what the 1099-MISC was for......they declined.  The amount made an insignificant change to the returns. 

[IRonMaN]

@dkh  - hopefully Bob doesn't see your post. 😜