IRS Publication 4681

About IRS Publication 4681

What To Do With That 1099-C You Got In The Mail

Taxes / By Lynnette Khalfani-Cox, The Money Coach / 1099-C, IRS Publication 4681

If you settled a credit card debt last year, by paying less than originally owed, the debt settlement company probably didn’t tell you this, but the IRS will: You likely owe taxes on the amount of debt that was forgiven. Anytime a bank, credit card issuer or financial company writes off $600 or more worth …

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Will I Receive Form 1099-C If I Settle A Debt?

Taxes / By Lynnette Khalfani-Cox, The Money Coach / 1099-C, Debt Settlement, IRS Publication 4681

Q: Is it true that I will be given a 1099-c when I settle a debt for $600 or more off the amount that was due? If so exactly what does this mean? What is the tax percentage I will be charged? Is there a tax penalty fee for this? And will this increase my …

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All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

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