I took a loan from my metlife annunity

Author Message
Icon Mini Profile Dmcnicholas620





Joined: 01 Feb 2009

Posts: 1

1.00 Dollars($)
Post Posted: Sun Feb 01, 2009 10:32 pm    Post subject: I took a loan from my metlife annunity
Like
Dislike

I took a loan from my metlife annunity for $50,000.00 for my sister. She missed 2 payments which she didn't tell me. The balance on the loan was over $35,000.00 which I paid off. They put the loan in default. Received a W-2 form from Metlife for over $35,000.00. Any way of getting this reversed? They charged over $5000.00 interest on this loan which is not deductible. I know I was stupid to do this and I wish I never did believe me. I hate Metlife they are rude and will not even try and work with you. Anyone know if there is something I could do and how this will affect me with my taxes? I' screwed I quess. Thanks for any information or advice.
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005

Posts: 12177
Location: ALASKA
1313.62 Dollars($)
Post Posted: Mon Feb 02, 2009 2:34 am    Post subject:
Like
Dislike

Welcome Dmcnicholas,

I suppose the insurance company has put the loan in default before you paid off the balance. So, have a talk with them and request them not to consider the loan as default because you've already paid it off.

Are you sure Metlife sent you W-2 form? Metlife hasn't forgiven any part of the debt; you've already paid them. If they simply retrieve from reporting the loan as default, it will help you avoid paying taxes. Otherwise, the IRS could ask you to pay taxes on forgiven debt.

_________________
Procrastination is the enemy of your financial success
Dmcnick

Guest







Post Posted: Mon Feb 02, 2009 11:15 am    Post subject: Took a loan on my metlife annunity
Like
Dislike

Thank you for your reply. Metlife sent me form 1099-R. I tried talking to them they won't consider reversing the default. Yes they did put it in default before I paid off the loan. As soon as I found out my sister had not made a payment I sent them a payment and than paid them off before I tuened 59 1/2 y/o or they would of taken the money from my accuity. Is there anything I can do? Can I do anyhing on my taxes that showed the laon was paid? Seems so unfair to have to pay taxes on money you never really had and the amount of interest they charge and you can't use or deduct .
KB

Guest







Post Posted: Mon Oct 19, 2009 9:10 pm    Post subject:
Like
Dislike

Most likely the reason they are unable to modify or correct is due to the fact this was a loan on a tax deferred account. Thus when you miss a payment the entire loan is reportable income to the IRS.
The Informer

Guest







Post Posted: Wed Jan 20, 2010 1:43 pm    Post subject: I took a loan from my metlife annunity
Like
Dislike

Before you consider to take any loan from your insurance investments, MetLife advisers obligation to you is to explain, how you can take loans or withdrawals. Any action you take, must be explained and it must be suitable.It sounds to me that 50K annuity and 35k loan ??? Sometime you better of to surrender your annuity.You have to sent all your complaints to them in writing.And also complain to the SEC and FINRA. Ibelieve that you can file your complaint on line.Just make sure to keep a copies of eveything.
aparicio carvalho

Guest







Post Posted: Tue Mar 12, 2013 5:48 pm    Post subject: taxes 1099
Like
Dislike

I need taxes form 1099
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 12157
Location: Nevada
1221.05 Dollars($)
Post Posted: Tue Mar 12, 2013 10:09 pm    Post subject:
Like
Dislike

Hi aparicio,

You can check out the given page for the same: "http://www.irs.gov/pub/irs-pdf/f1099msc.pdf"

Thanks
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.469 seconds.