I am waiting for a 1099 c to come in the mail can i file my taxes without it if i have all the information?

Question

I am waiting for a form 1099 c cancellation of debt form to come in the mail.Do i have to have the form before i file my taxes or can i just show my tax preparer the information i have from the letter they sent me when i made the settlement agreement.

Answer 1

You don't need that 1099_C to file, as long as you KNOW 100% what it will have on it because the IRS will get a matching copy.

Were you solvent at the time of discharge? if so, this is taxable income. If not, you might have non-taxable income. Consult your tax advisor.

Enrolled Agent / Tax Advisor

Answer 2

Since Form 1099 is not filed with your return, you can go ahead if you are sure that the numbers are right.

Take a look at that letter again though. It might be in lieu of Form 1099. If if is, it should so state somewhere. In that case, you won't get a Form 1099; the letter takes its place.

Answer 3

you can file without it but you will probably need to make an amendment to your return once you receive the form. your tax preparer should advise you of this.

Answer 4

in case you opt to stay with the policies and be sure Uncle Sam gets all of the spectacular suggestion, you will ought to finished style 1040X, alongside with a sparkling style 1040 with the corrected suggestion. you will ought to mail in those varieties as they are processed manually, no longer electronically. Wait until your unique return has been processed earlier doing this or issues might get crossed.

Answer 5

You can file your return without it, as long as you know what the correct amount to report is.