Around tax time, many people receive a 1099-C form and usually do not know what to do about it.
Received a 1099-C…Now What?
Tag: IRS
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.
Don’t Ignore Your Tax Bill!
If you owe taxes to either the IRS or to your state, don’t ignore your tax bill!