answersLogoWhite

0

Taxes and Tax Preparation
Game Shows
Deal or No Deal
McFly (band)

How do you deal with a 2006 substitute 1099-c?


Top Answer
User Avatar
Wiki User
Answered 2007-02-06 14:53:02

Same as a "normal" one - that it is called a "Substitute" is just really how and by whom the form is printed, a little formatting, that is different from the standard 1099c. All the information you need should be there and will have been reported, generally under strict electronic file guidelines, to the IRS. A 1099-C is notice of a cancelled debt. The amount shown in 'box 2' is the amount to be claimed as taxable income, the amount shown in 'box 3' is the interest charged on the debt and may or may not be deductible.

001
๐Ÿ™
0
๐Ÿคจ
0
๐Ÿ˜ฎ
0
๐Ÿ˜‚
0
User Avatar

Your Answer

Loading...

Still have questions?

Related Questions

What are the release dates for Deal or No Deal - 2006 VG?

Deal or No Deal - 2006 VG was released on: USA: 2006


Do you owe the difference on a 1099C?

See my answer to post on "collections after 1099c???" Do you mean owe the difference to a creditor? Answer no 1099c is a confirmation that a debt has been canceled by the creditor. No further obligation of repayment by debtor is expected or can be requested. This may be income to you according to the IRS whom also gets a copy of the 1099c.


Do you have to file a 1099c for credit card debt that was discharged in chapter 7 bankruptcy?

The debtor does not "file" a 1099C. The debtor may receive a 1099C from the creditor which also sends it to the IRS. The discharge of the debt in bankruptcy nullifies the 1099C. There is a form or a part of the 1040 set for disclosing this information to the IRS.


Can I not report 1099c on Massachusetts state tax?

If a copy of 1099C has not been sent to the state, how would the state know?


How do you get a 1099c?

See my answer to post "Collections after 1099c???" A creditor will send you, the debtor, (and the IRS) a copy if they have decided to cancel (forgive) your debt by issuance of a 1099c which means they will give up their right to any further collection of this debt.


Can a car get repo after 1099c?

Yes


Does a 1099C mean the creditor has cancelled the debt?

Yes. A 1099C is confirmation from the creditor or lender that the debt has been cancelled and collection efforts have ended. The bad news is, the amount shown on the 1099C is considered taxable income and must be claimed on your federal tax return.


What are the release dates for Teachers- - 2006 Substitute 1-1?

Teachers- - 2006 Substitute 1-1 was released on: USA: 28 March 2006 Hungary: 7 October 2007


What is the statute of limitation for filing a 1099c?

Filing taxes are not subject to a statute of limitations. Criminal charges for failing to submit one may be subject to a limit, but the IRS has a great deal of leeway.


What are the ratings and certificates for Deal or No Deal DVD Game - 2006 VG?

Deal or No Deal DVD Game - 2006 VG is rated/received certificates of: UK:E


How old is sheran Sykes from deal or no deal in 2006?

26


When was Deal or No Deal - Sweden - created?

Deal or No Deal - Sweden - was created on 2006-03-25.


When did Deal or No Deal - Sweden - end?

Deal or No Deal - Sweden - ended on 2006-11-25.


When did Deal or No Deal - Arab World - end?

Deal or No Deal - Arab World - ended in 2006.


What are the release dates for The Deal - 2006 I?

The Deal - 2006 I was released on: USA: 19 June 2006 (New York International Film and Video Festival)


What actors and actresses appeared in The Deal - 2006?

The cast of The Deal - 2006 includes: Shinsuke Shimada as Himself - Host


What are the release dates for Deal or No Deal - 2005 2-1?

Deal or No Deal - 2005 2-1 was released on: USA: 18 September 2006 UK: 18 January 2006


What are the release dates for Deal or No Deal - 2005 2-2?

Deal or No Deal - 2005 2-2 was released on: USA: 19 September 2006 UK: 19 January 2006


What are the release dates for Deal or No Deal - 2005 2-3?

Deal or No Deal - 2005 2-3 was released on: USA: 21 September 2006 UK: 20 January 2006


What are the release dates for Deal or No Deal - 2005 2-4?

Deal or No Deal - 2005 2-4 was released on: USA: 22 September 2006 UK: 21 January 2006


What are the release dates for Deal or No Deal - 2005 2-5?

Deal or No Deal - 2005 2-5 was released on: USA: 25 September 2006 UK: 23 January 2006


What are the release dates for Deal or No Deal - 2005 2-6?

Deal or No Deal - 2005 2-6 was released on: USA: 28 September 2006 UK: 24 January 2006


What are the release dates for Deal or No Deal - 2005 2-7?

Deal or No Deal - 2005 2-7 was released on: USA: 29 September 2006 UK: 25 January 2006


What are the release dates for Deal or No Deal - 2005 2-8?

Deal or No Deal - 2005 2-8 was released on: USA: 2 October 2006 UK: 26 January 2006


What are the release dates for Deal or No Deal - 2005 2-9?

Deal or No Deal - 2005 2-9 was released on: USA: 5 October 2006 UK: 27 January 2006