Suddenly you’ve got a tax problem. But not so fast. In this case you would receive a Form 1099-C with cancellation of debt income for $3,000, which is the amount of the debt discharged. Let’s.
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It’s perhaps the biggest tax mess of 2012: An estimated 6.3 million 1099-C forms reporting cancellation of debt income have gone out to taxpayers. It turns out it was from a credit card I had in 1986, and which was charged off in 1989. But the official debt forgiveness date is 12/31/2011.
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Regardless of how you file your federal tax return, you report income and loss in the PA. PA Schedule W-2S; 2 Interest Income Amounts from Forms 1099-INT and similar.. Tax Forgiveness Credit from PA Schedule SP Part D, Line 16
Tax forgiveness is a credit that allows eligible taxpayers to reduce all or part of their Pennsylvania personal income tax liability. Such records include the claimants’ federal income tax returns, federal Forms W-2, W-2P, 1099 and Schedule K-1 or other information returns, and broker statements that.
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So what is Form 1099-C? While there are different kinds of 1099s depending on the kind of debt being addressed, 1099-C (aka Cancellation of Debt) can be applied to debt that was cancelled by the lender for which taxes are now owed on. Click through to read more & how we can help!
If you had not filed bankruptcy, then you may have had to report the amount of forgiven debt on the 1099-C as gross income and pay taxes on the amount to the .
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Did you know that the Internal Revenue Service considers forgiven debt a source of income, and have to pay taxes on that "income.". And if you’ve ever settled a debt for less or had debt forgiven entirely, you probably got a surprise in the mail come tax season: the dreaded Form 1099-C.
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Form 1099-MISC is an information return used to report certain miscellaneous income/payments to the IRS. If you are an independent contractor, or You paid at least $10 in royalties or broker payments in lieu of dividends or tax-exempt interest You made direct sales of at least $5,000 of consumer.