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Form 1099-C is Cancellation of Debt. Article ID 3472 'Information about Form 1099-C' can be accessed at the TurboTax Support Site at http://turbotax.intuit.com/support/. In the search window, type 'Information about Form 1099-C'. The second item in the 'Answers' screen has that title (it's Article ID: 3472). According to that article, in TurboTax Interview, choose 'Select Specific Topics' in the 'Your Personal Income' screen. Next go to 'Less Common Income' and select 'View List'. Select 'Start' or 'Revisit' beside 'Miscellaneous Income, 1099-A, 1099-C'. On 'Any Miscellaneous Income' screen, select 'The cancellation of debt' and then 'Continue'. The next screen will guide you in entering the information from your 1099-C form.
What else can I help you with?
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.
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.
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?
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.
Where can TurboTax software be purchased?
TurboTax software can be purchased from the TurboTax website. It can also be bought on other websites on the internet. Amazon is a great place to search for software. Search on the internet for TurboTax software deals and you can even go as far as asking a friend if they have the software.
How to add a 1098-T form on TurboTax?
To add a 1098-T form on TurboTax, log in to your account, navigate to the section for educational expenses, and enter the information from your form accurately.
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.
Does TurboTax support filing Form 1040NR for non-resident aliens?
Yes, TurboTax does support filing Form 1040NR for non-resident aliens.
How do I file my 1098-T on TurboTax?
To file your 1098-T on TurboTax, you need to enter the information from the form into the designated section of the software. Look for the education expenses section and follow the prompts to input the details from your 1098-T form. Make sure to double-check the information for accuracy before submitting your tax return.
How do I delete a form in TurboTax?
To delete a form in TurboTax, go to the section where the form is located, find the form you want to delete, and look for an option to remove or delete it. Follow the on-screen instructions to confirm the deletion.
How do I enter a backdoor Roth IRA contribution in TurboTax for the year 2020?
To enter a backdoor Roth IRA contribution in TurboTax for the year 2020, you will need to report the non-deductible traditional IRA contribution and then convert it to a Roth IRA. You can do this by navigating to the section for retirement accounts in TurboTax and following the prompts to enter the contribution and conversion details. Make sure to accurately report the amounts and follow any additional instructions provided by TurboTax to ensure proper reporting of the backdoor Roth IRA contribution.
Does turbotax handle k-1 forms?
Yes, TurboTax can handle K-1 forms, which are typically issued to shareholders, partners, or beneficiaries to report income, deductions, and credits from pass-through entities like partnerships, S corporations, or estates. Users can enter the information from their K-1 forms directly into TurboTax, and the software will help ensure that the income is reported correctly on their tax return. TurboTax also provides guidance and resources to assist users in understanding how to enter K-1 data accurately.
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.
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?
What is the process for filing Schedule D with TurboTax Deluxe 2015?
To file Schedule D with TurboTax Deluxe 2015, first enter your investment information, including sales of stocks and other assets. TurboTax will guide you through reporting capital gains and losses, and will automatically generate Schedule D for you to include with your tax return.
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.
How do I report a backdoor Roth IRA contribution in TurboTax 2020?
To report a backdoor Roth IRA contribution in TurboTax 2020, you need to enter the information in the "Traditional and Roth IRA Contributions" section. Specify the amount you contributed to a traditional IRA and then converted to a Roth IRA. TurboTax will guide you through the process of reporting this transaction accurately.
