Form 1099-C

All states | 22 types
Form 1099-C Page 1
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5 (7 reviews)
Updated Jan 17, 2025
~ 6 pages
269 downloads
The IRS Form 1099-C is used by lenders to report the cancellation of debt totaling $600 or more, which may be considered taxable income. This form includes details about the canceled debt, such as the amount and the date of cancellation. Download the 1099-C form in PDF and use the guidelines below to complete it accurately and with confidence.
Choose your type of this legal template.
Document Types
Form 1099
This form is used to report income to the IRS and payment recipients.
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Form 1099-A
This form reports the acquisition or abandonment of secured property.
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Form 1099-B
This form reports proceeds from the sale of securities or certain barter transactions.
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Form 1099-CAP
This form reports corporate changes that result in distributions to shareholders.
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Form 1099-DIV
This form reports dividends, capital gain distributions, and other investment income.
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Form 1099-G
This form reports taxable payments from government agencies.
315 downloads
Form 1099-H
This form reports HCTC advance payments for the recipient.
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Form 1099-INT
This form reports interest income to the IRS and payment recipients.
297 downloads
Form 1099-K
This form reports payment transactions for goods and services processed through third-party networks.
236 downloads
Form 1099-LS
This form reports the transfer or acquisition of a life insurance contract.
225 downloads
Form 1099-LTC
This form reports long-term care and accelerated death benefit payments.
226 downloads
Form 1099-MISC
This form reports an income that is not classified as wages, salaries, or tips.
622 downloads
Form 1099-NEC
This form reports payments to independent contractors or self-employed individuals.
843 downloads
Form 1099-OID
This form reports OID income from financial instruments like bonds or notes.
226 downloads
Form 1099-PATR
This form is used to report taxable distributions or patronage dividends from cooperatives.
223 downloads
Form 1099-Q
This form reports distributions from education savings programs to the IRS and recipients.
221 downloads
Form 1099-QA
This form documents distributions from ABLE accounts for tax and eligibility purposes.
218 downloads
Form 1099-R
This form is used to report retirement and pension distributions to the IRS and recipients.
287 downloads
Form 1099-S
This form is used to report real estate transaction proceeds.
236 downloads
Form 1099-SA
This form is used to report distributions from health or medical savings accounts.
218 downloads
Form 1099-SB
This form is used to report life insurance policy transfers to the IRS and recipients.
220 downloads
1099-c

Ever had a debt waved off or canceled? That's when you'll encounter the 1099 С form. This form is important because it records the forgiven debt and helps you figure out how it might affect your taxes.

So, who is responsible for the 1099-C form?

  • Banks;

  • Credit unions;

  • Federal agencies. 

When Is Form 1099-C Due?

The 1099 С form must be sent to the IRS and the borrower by January 31 of the year after the debt is canceled.

Key Elements of 1099 C Cancellation of Debt

The form 1099-C sections have details of the debt cancellation:

Creditor's Information 

  • Creditor's name; 
  • Contact address;
  • Federal identification number.

Debtor's Information 

  • Borrower's name;
  • Address;
  • Taxpayer identification number.

Debt Details 

  • Date the debt was canceled;
  • Amount forgiven;
  • Market value.

Form 1099 C: Filling Out the Document

1. Acquire the Form. The 1099-C form PDF is usually provided by the creditor. Alternatively, you can download the 1099-c cancellation of debt from the Lawrina website or the IRS portal.

2. Fill Out the 1099 form C. 

In the Creditor's section, fill out:

  • Name of the creditor;
  • Address;
  • Contact number.

In the Debtor’s section of the cancellation of debt 1099-C, provide:

  • Debtor's name;
  • Address;
  • Taxpayer identification number. 

You can always find the 1099-C form examples to see how other people fill out this document.

Under the Debt Description & Details section, specify the date of the identifiable event, the precise amount of discharged debt and the fair market value of any property.

What Other Documents Must Accompany the IRS 1099 C Tax Form?

  • Copy A. Sent to the IRS.

  • Copy B. Sent to the borrower.

  • Copy C. Retained by the lender for their records.

  • Transmittal Form 1096. Submitted to the IRS if filing on paper.

There's no denying that the 1099 C form meaning can seem like a complex undertaking initially. But knowing what it's used for and filling it out correctly helps you report things accurately and avoid any future problems with the IRS.