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Filing Resources ยป 1099-C

1099-C

Cancellation of Debt

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Form 1099-C
1099-C At a Glance

Who: Domestic banks and other financial institutions

When: 1099-C forms must be mailed to recipients by January 31, and e-filed with the IRS by March 31.

Where: To the IRS

Why: To report the cancellation of $600 or more in debt.

What You Need to Know About Form 1099-C

The 1099-C is used to report the cancellation of $600 or more in debt owed by an individual, corporation, partnership, trust, estate, association or company. A debt is any amount owed to the organization (see below), including stated principal, stated interest, fees, penalties, administrative costs and fines. The amount of debt canceled may be all or only part of the total amount owed.

A 1099-C must be filed regardless of whether the recipient chooses to report the debt as taxable income. Also, coverage only applies to underlying debts incurred by the debtor, and not to fraudulent debt canceled due to identity theft.

Applicable businesses: Domestic banks, trust companies, building and loan associations, savings and loan associations, credit unions, resolution trust corporations, national credit union administrations and other financial institutions.

When to file: 1099-C forms must be mailed to recipients by January 31, and e-filed with the IRS by March 31 each year.

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