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Learn More About Form 1099-C


What is a 1099-C?

Form 1099-C is used to report the cancellation of a debt.

Why do I file 1099-C?

The IRS requires that all income and deductible expenses are reported by businesses and individuals or penalties could apply.

Who needs to file 1099-C?

A financial institution, the Federal Government, a credit union, RTC, FDIC, NCUA, a military department, the U.S. Postal Service, the Postal Rate Commission, or any organization having a significant trade or business of lending money. See the official IRS instructions.

When do I file 1099-C?

1099-C forms are required to be mailed to the recipient by January 31, 2018 and e-filed with the IRS by April 2, 2018.

1099-C Reporting Information

What to report Amount to report
Cancellation of a debt owed to a financial institution, the Federal Government, a credit union, RTC, FDIC, NCUA, a military department, the U.S. Postal Service, the Postal Rate Commission, or any organization having a significant trade or business of lending money. $600 or more