Tax Season Approaching: 1099-C Question(s)

[DesdemonaB]

Hi All

Does anyone know if a 1099-C has be mailed out by a specify date?

I know that an employer has to have W2s posted marked by January 31 – I was wondering if there is a required “due date” for 1099-Cs.

BTW I do know that if I receive a 1099-C I just need to file a form 982 – I just want to avoid filing in say in February then receive a 1099-C in March forcing an amended tax return.

Another question – can you still file electronically if you need to file a form 982?

Thanks in advance.

[justbroke]

Generally speaking, all W-2s, 1099s and other forms are due to the taxpayer by January 31.

[KAM465]

From www.irs.gov

When to furnish forms or statements.

Generally, you must furnish Forms 1098, 1099, 3921, 3922, and W-2G information by January 31, 2012.

[tobee43]

don't hold your breath. unfortunately, the banks, if they are going to send them do it anytime they feel like it. so many times one must file an amended return, that's all. it's really not a big deal, however, very few of them are issued on time from what i have seen. maybe you will be lucky in two ways, first you may not even get one, and secondly, you may be one of the lucky one's that if you do, in fact get one issued to you, it comes timely.

[DesdemonaB]

Thanks Everyone

I went to the IRS website and found the 1099-C form, on the last page was the due date to Debtor: January 31st, 2012 - so thanks everyone.

I also found that the creditor must file with the IRS by February 28, 2012 - if they file electronically by April 2, 2012 - that's a large window.

I'm just looking to work smarter, not harder in 2012 and if I can avoid doing the same thing twice I'll just wait till mid-March to file.

Happy New Years Everyone

[etechjc]

An accountant told me it didn't matter for Bankruptcy. He told me to file a Form 982, State the discharge amount on it and send it in with my taxes, Whether I get any 1099-C's in the mail or not. And not to worry about it. Of course he told me, this only worked if 100% of my discharged debts were done so in bankruptcy and not via other means.

I was also told that debts discharged in bankruptcy don't have to file a 1099-c, So you may not get any.

[tobee43]

An accountant told me it didn't matter for Bankruptcy. He told me to file a Form 982, State the discharge amount on it and send it in with my taxes, Whether I get any 1099-C's in the mail or not. And not to worry about it. Of course he told me, this only worked if 100% of my discharged debts were done so in bankruptcy and not via other means.

I was also told that debts discharged in bankruptcy don't have to file a 1099-c, So you may not get any.

exactly, it really doesn't. there are no tax ramifications to deal with when you are insolvent and the event occurred during that time period. what they (the creditor) are attempting to do is claim that amount they lost as a gain to you, however, when you have filed bk, it wiped out the debt so whether it's a 1099c or 1099a one should be fine.