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| Posted by | Message | Modern .gif)
Miami (FL) Fan
****The Cult of Personality****
Member since May 2011
7952 posts
| I recieved a 1099-C in the mail today. What exactly does it do? (Posted on 1/27/13 at 3:40 pm)
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?
| | Back to top | Share on  | Ray Finkle 
LSU Fan
collier county
Member since Sep 2007
835 posts
| re: I recieved a 1099-C in the mail today. What exactly does it do? (Posted on 1/27/13 at 4:14 pm to Modern)
Income on your tax return.
| | Back to top | | ForeLSU
LSU Fan
The Corner of Sanity and Madness
Member since Sep 2003
30454 posts
| re: I recieved a 1099-C in the mail today. What exactly does it do? (Posted on 1/27/13 at 4:16 pm to Modern)
yes, the amount your payoff was reduced by is income and taxable
| | Back to top | | Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
12904 posts
| re: I recieved a 1099-C in the mail today. What exactly does it do? (Posted on 1/28/13 at 1:14 am to Modern)
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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