1099C - Paid in Full
Date: Wed, 02/22/2012 - 12:35
Hello everyone. I'm working with Oak View Law Group to settle a pretty sizeable credit card issue. So far, things have been going smoothly. Two of my accounts were paid in full last year. As a result, i was expecting to receive 1099C's to report on my 2011 tax return. To date (2/22/12), i haven't received them. Is this common? Should i go begging a pleading to have these sent to me, or if I don't get them, i don't have to report this stuff? Either way, i'm planning on using the insolvency calculation this year. In the upcoming years, i may not be able to get away with that. I just wonder what i should do here.
Please let me know your thoughts.
Thanks!
Please let me know your thoughts.
Thanks!
1099c's are used when you are forgiven more than $600 for the de
1099c's are used when you are forgiven more than $600 for the debt. You say you paid in full so, as you are explaining it, you are not going to get a 1099c for that.
I'm assuming you mean the accounts were settled in full for less
I'm assuming you mean the accounts were settled in full for less than the original balance due?
If more than $600 was forgiven, you should receive a 1099C. If you haven't received it yet, you can check with the creditor. You must report this on your taxes even if you haven't received the form.