I recieved a 1099-C in the mail today. What exactly does it do? | TigerDroppings.com

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Modern
Florida State Fan
Parts Unknown
Member since May 2011
9925 posts

I recieved a 1099-C in the mail today. What exactly does it do?


This past year I did a settlement to pay off a credit card of mine. And i recieved a 1099-C in the mail today.

In simple terms, what exactly does this do.

Will it affect my tax refund amount?







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Ray Finkle
LSU Fan
collier county
Member since Sep 2007
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re: I recieved a 1099-C in the mail today. What exactly does it do?


Income on your tax return.





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ForeLSU
LSU Fan
The Corner of Sanity and Madness
Member since Sep 2003
34015 posts

re: I recieved a 1099-C in the mail today. What exactly does it do?


yes, the amount your payoff was reduced by is income and taxable





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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15243 posts

re: I recieved a 1099-C in the mail today. What exactly does it do?


You benefitted from the cancellation of debt, and income is imputed to you to the extent of that benefit. There are exceptions that allow taxpayers to exclude the income. You really need to sit down with a CPA or tax attorney to discuss the implications of the 1099-C, and how it should be reported on your tax returns.





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