Question

I settled credit card debt but never received a 1099-C from the company I settled the debt with. Do I claim this on my taxes? If yes, how do I claim it without a 1099-C?

Forum|Forum|7 years ago
June 5, 2019
2 replies
0 views

The amount settled for was over the $600 allowed.

TurboTax Deluxe iOS

From what I've read, if I don't claim it now (even without a 1099-c form), I will have to pay back the money owed plus interest when I file the amended return. Is this true?

If true, should I just enter the "balance" remaining amount now after the settlement to avoid future interest charges and repayment?

C

CynthiaR

Since you have not received the 1099-C you can efile your tax return without it. When and if you get the 1099-C you can file an amended tax return. You can do it thru TurboTax when IRS comes out with the approved amended form 1040X on Feb 22nd. Wait until you get your refunds before doing the amended.

R

rainashekoliAuthor

From what I've read, if I don't claim it now, I will have to pay back the money owed plus interest when I file the amended return. Is this true?

If true, should I just enter the "balance" amount after settlement now to avoid future interest charges and repayment?