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).