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palemoon1
August 12, 2019
Question

How do I calculate tax due on unpaid canceled credit card debt for 2019?

  • August 12, 2019
  • 1 reply
  • 0 views
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1 reply

Rainman12
Employee
August 12, 2019

25% of cancelled amount would be a reasonable guess. However, complete/accurate impact on your 2019 return can not be definitely determined until you've entered all other numbers for the return. You are wise to make an estimated payment now. You can do so at https://www.irs.gov/payments . Select tax year 2019, estimated payment, and payment method therein.