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November 14, 2021
Question

How much can I expect to pay on 1099c income we made $86,000 last year so whatever category that puts us in

  • November 14, 2021
  • 2 replies
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2 replies

VolvoGirl
Employee
November 14, 2021

A 1099C is for cancellation of debt.  How much was the debt?   Did someone cancel a 86,000 debt you had?  Or is it a 1099Misc or 1099NEC form?  What kind of income did you get?

rjs
Employee
November 14, 2021

What year is "last year"? Are you asking about 2020 or 2021? Is $86,000 the amount of the canceled debt, or is that your other income? What is the amount of the canceled debt on the 1099-C, and how much other income do you have in the same year?


The amount of tax depends on your filing status. What is your filing status for the year of the 1099-C?