I had an overdrawn balance on my account and now my account is closed. Will you report me to the IRS? Will I receive a 1099-C?
If your account was closed with a negative balance. This may require Avant to report the negative balance on your account to the IRS on Form 1099-C. If this action is taken, you will receive this form for the year in which this occurs.
If you want advice about the potential tax consequences that may result from this account closure, we recommend that you consult a tax professional of your choosing. We do not make any representations about the tax consequences that this account closure may have for you or any reporting requirement that may be imposed on Avant.