What should I do if the IRS contacted me about a debt?

My parents took out a life insurance policy on me as a child. Now the insurance company has filed a 1090R to the IRS for the unpaid premiums that they claim I owe them since I turned 18. I have never received any mailings or bills from the company until the IRS contacted me stating I have a debt to them.
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Answered By: Eranthe Law Firm
It sounds like you mean a 1099-R which would be issued if the insurance company made distributions to you and made the payments with it. Those distributions are reflected in the 1099-R. You add this income to your tax return when you file. If you think there is an error or you need help with your returns, see a qualified tax professional.

Answer Applies to: California
Replied: 9/9/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

Answered By: Steven J. Fromm
I suspect this is not for a debt but the interest income on the life insurance policy or some other form of income reflected on the Form 1099-R which implies some sort of distribution to you. Call the insurance company to get more details and then discuss this with your tax accountant.

Answer Applies to: Pennsylvania
Replied: 9/7/2011

Disclaimer: The response above does not form an attorney-client relationship. This answer may or may not apply to you and should not be relied upon as legal advice. LawQA does not make any representation as to the expertise or qualifications of this attorney. This attorney may or may not be admitted to state bar of your state.

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