1099 a one more time, File for your grant

Introduction

This tutorial will guide you through the use of the 1099A form and related strategies for managing debts and financial obligations. Drawing from insights shared by Christopher Hauser, the aim is to provide a clear understanding of how to leverage these financial tools effectively.

Step 1: Understand the 1099A Form

• The 1099A form is utilized to report the acquisition or abandonment of secured property.
• It is important to recognize that when using this form, you are engaging with the U.S. Treasury as the lender, not individual entities (e.g., car dealerships).
• Ensure you are using the correct Federal Identification Number (FIN) for the U.S. Treasury, which is currently 52-09-07065.

Step 2: Prepare Your 1099A Form

• Include your personal information:
  • Your name
  • Your address
  • Your Social Security number (if applicable)
• On the form, indicate the amount you wish to discharge and a brief description of the obligation (e.g., car loan, credit card debt).
• Endorse the back of the 1099A form. This endorsement acts as a third-party check, signifying that you are initiating a payment.

Step 3: Create a Cover Letter

• Draft a letter addressed to the corporation or business entity you owe money to.
• In the letter, include the following key points:
  • Acknowledge the receipt of monthly statements with coupons.
  • Define key terms such as "statement," "bond," "instrument," and "coupon."
  • State that you are offering the 1099A as payment for the debt.
  • Highlight that by accepting the 1099A, they are admitting to accepting payment from the beneficiary (you).
• Make sure to notarize the letter and send it via certified mail with return receipt.

Step 4: Use Conditional Acceptance

• Understand the concept of conditional acceptance. This is your recourse if the trustee rejects your payment offer.
• If rejected, you can issue a conditional acceptance notice, which creates a cause of action, compelling the trustee to fulfill their obligations or grant you power of attorney to pursue further claims.
• This step is crucial as it establishes a legal basis for your claims against the trustees.

Step 5: Follow Up on Your Offer

• After sending the 1099A and the cover letter, wait for the corporation's response.
• If they refuse to acknowledge or accept your payment, prepare to present your case in a tribunal, armed with evidence of your good faith efforts to settle your debt.
• Keep all documentation, including the certified mail receipt and copies of your communications.

Step 6: Additional Uses for the 1099A

• Beyond car loans, consider using the 1099A for:
  • Paying off credit card debts
  • Settling court costs, fines, or fees
  • Discharging child support obligations
• Be creative but ensure that the amounts are reported accurately, especially for obligations exceeding $600.

Conclusion

By understanding and utilizing the 1099A form, you can effectively manage and discharge various debts. Always approach this process with a clear strategy and maintain thorough documentation of all communications. As you implement these strategies, stay informed and proactive, and consider sharing your experiences to help others in similar situations.