Did I misunderstand 1099C??

Need some clarification here. I was under impression I would receive 1099c when the settlement was paid in full, thus I thought I would receive 1099c from Citibank in 2012 since I am making last payment end of this month.

Over the weekend I received 1099c from Citibank for 6800+ which shows settlement date of 11/30/10. The 1099c is for 2010.

Did I misunderstand? That is, 1099c is given for the year the settlement is effective?

Getting ready to do my taxes and want to get this right. Thanks.

1099c form is issued by the creditor/lender in case he/she forgives a portion of your debt amount. I guess the creditor has issued the 1099c form for the amount of debt that he or she has forgiven in this year. Nevertheless, it will be better if you could have a word with a tax adviser and take his opinion in this matter.

Don't have the $$ for a tax advisor. I'll do some internet research later if I can't get definitive answer. I believed the 1099c was issued when the debt was paid off, not when actually settled. I have until 4/17 to file anyway.

According to BOA that is going to issue mine the 1099 is issued for the year in which the settlement is actually COMPLETED.

Example. I set up my settlement agreement on 12-31-2010 and pay my first of two payments. My next payment comes out on 1-30-2011 which completes my settlement agreement.

My 1099c will be for the year 2011. BoA and I went through many conversations on this subject and this is the way it is (at least with them) not sure what the actual regulations are,

That was my understanding..... It may work out to my advantage as I was "more" insolvent in 2010 than I am now. I'll have to run the numbers. Thanks.

Greetings,

Got all of my 1009c's.

No one forgot to send 'em.

I settled and paid them all in 2010.

Almost free, just gotta deal with April 15th.

Regards,
King "Kash" Jabba Labba

King Jabba,
Kaylee here, Long time off the forums!
On the 982 did you just total up your 1099's for the dollar amount you need on that and then did you attach an insolvency sheet. My accountant does not seem to know but that is what he did and he says to not attach the insolvency, just hold onto it in case irs asks...
please share your strategy!!
Thanks, Kaylee