Posted on
November 15, 2009
at
6:15 pm
I want to know more about debt settlement and 1099 form, if there is any correlation to that. I was given this form by my creditor when i told them that I wanted to settle. what exactly does the 1099 do to my payment?
Posted on
November 16, 2009
at
12:57 am
A 1099 form is given to you by your creditor once you have settled your debt, and it's for you to fill out information on the amount that is to be forgiven by your creditor. It serves as a reminder for you that you are responsible for reporting the forgiven portion of your balance as taxable income to the IRS.
Posted on
November 16, 2009
at
1:20 am
in reference to the debt settlement and 1099 question.....Do I always have to receive this form whenever i settle? Will i also be receiving this when i settle with a negotiation agency?
Posted on
November 16, 2009
at
1:34 am
In relation to debt settlement and 1099...You won't be required to report anything to the IRS if the forgiven debt is below $600. Your lenders should also send you this form by January 31st before the deadline of that calendar year's taxes. Also, they should send that form to the IRS by February of that same tax year.
Posted on
November 16, 2009
at
1:50 am
Also, more on debt settlement and 1099. If you're received that piece of paper, you need to fill everything out completely, reporting the forgiven portion as income on your tax return. Box 2 of the 1099 will reflect how much you'll be expected to report to them. If you're also insolvent, you need to fill out a different form altogether.. Can anyone verify which form this is?
Posted on
December 10, 2009
at
5:00 am
Debt settlement and 1099
If you're also insolvent, you need to fill out a different form altogether.. Can anyone verify which form this is? Hi, it's the IRS form 982
