I am in Illinois, 5 years ago my parents past away. at that time I took my third of an Anuity they had. and was sent a statement from John Hancock stating a cash bases of the entire annuity. This put my in a higher tax brackect and I over paid about $7,000 in taxes. I did not find out about this until rencently. I know that I can not refile tax becuase it has been over 3 years. John Hancock has admitted they where wrong and has since reissued the correct cash bases letter to me. Do I have any recourse with John Hancock?
1 Answer from Attorneys
In theory you may have a right of recovery against John Hancock for the overpayment of federal and state taxes (including an interest factor) caused by their erroneous reporting. The parties receiving the remaining 2/3 may have a similar basis for a complaint. You may wish to discuss this situation with the other party(ies) to determine if you can cooperate in seeking recovery. You should discuss your situation with an attorney in your jurisdiction to identify potential strategies for recovery and to obtain information regarding the cost/benefit of proceeding. It would be helpful if you walked in with a calculation of how you were harmed by the erroneous report (show comparative tax computations).
Related Questions & Answers
In my divorce I get to claim my oldest two kids and the x the youngest. If I let her... Asked 6/11/13, 7:29 pm in United States Illinois Tax and Taxation Law
I worked for a company from March 2012 to Nov 2012 as an independent contractor, I... Asked 5/13/13, 8:41 pm in United States Illinois Tax and Taxation Law
I forgot to file a tax return a couple of years ago. I only work part time and due... Asked 3/27/13, 2:15 pm in United States Illinois Tax and Taxation Law
If a 501c3 nonprofit leases a property from a private party in Florida, can it... Asked 3/26/13, 3:03 pm in United States Illinois Tax and Taxation Law
Hi, I work in Illinois on W2 and pay federal and state tax ..etc. My question is can... Asked 2/28/13, 6:27 am in United States Illinois Tax and Taxation Law