If a creditor settled or wrote off a debt for you in 2015, you may get a 1099-C. Here’s what you can do to avoid paying any additional tax…
What is a 1099-C and What to do About it!
Tag: additional taxes
How to Avoid Additional Tax After Receiving a 1099-C
If you had a debt settled or “forgiven” in IRS lingo, and it was for more that $600, you most likely will receive a 1099-C. But, you may not be required to pay additional tax on the forgiven amount, but YOU MUST FILE THE CORRECT FORMS AND DOCUMENTATION.
What To Do If You Receive a 1099-C
Have you had a debt settled for less than you owe? If so, chances are pretty good that you also received a 1099-C for the amount of the “forgiven” debt amount. WHAT? How can that be possible?
Have you received a 1099-C due to Cancellation of Debt?
How to Avoid paying Taxes after receiving a 1099-C
If you have had a debt “forgiven”, and receive a 1099-C, how do you avoid paying taxes?
What is a 1099-C AND what do I need to do when I get one?
What is a 1099-C? I you have had a debt settled or forgiven, you may receive an IRS Form 1099-C. If you or a Debt Settlement Company has helped you settle a debt for less than the balance, the difference is reported to the IRS by the original creditor as a loss. The IRS looks at… Read more »
I received a 1099-C for forgiven debt. Do I have to pay more tax?
If you or a debt management company has successfully negotiated a settlement of your credit card debt, and the amount is over $600, you may receive a 1099-C.