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E-File Form 1099-C Online for 2024
Tax Year
- Easy, Secure and Accurate filing
- Deliver Recipient Copies by Postal/Online Access
- Access & Print Form Copies (PDF)
- Supports Bulk eFiling
- Phone, E-mail & Live Chat Support
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Benefits of Filing 1099-C online With TaxBandits
Get Instant Filing Status
Receive real-time updates on your 1099-C filings via email or track them anytime from your dashboard. Stay informed every step
of the way.
Recipient Copy Distribution
Distribute 1099-C recipient copies via postal mail or online access. You can also download copies in your preferred format and mail it to your recipient on your own.
Address Book
Import business and recipient information from your Address Book for quick, error-free submissions across various forms like BOIR, Payroll, 94x forms, W-9, W-2, ACA, and more.
Bulk E-Filing
Easily file multiple returns with TaxBandits. Import your data using your own templates in CSV or Google Sheets, or use our standard templates. Download here.
Internal Audit Check
TaxBandits internal audit check ensures that your Forms are validated through IRS business rules. Any errors identified will be listed and you will be prompted to fix those instantly.
TIN Validation
Ensure accuracy by validating your payer TIN against the IRS database. This helps you e-file your 1099-C correctly and avoid IRS B-Notices.
IRIS Business Validation
Guarantee the accuracy of your tax returns with our IRIS Validation feature, which automatically detects and corrects errors and inconsistencies before submission.
BanditComplete
Simplify the distribution of recipient copies. TaxBandits provides your recipient with both physical and electronic copies of the forms to ensure recipients receive their documents reliably and on time.
Save Form Drafts
Complete and File your 1099-C returns at your own pace. TaxBandits lets you save your work as a draft. Easily pick up and continue your filing whenever you're ready.
7 years of Record keeping
All Form copies are stored on our secure HIPAA-compliant server for up to 7 years. You can always log In to your TaxBandits account and download or print the Form copies at any time.
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Have any questions? Our dedicated team of experts is always here to assist you in every way possible via phone, email, or live chat.
How to E-file Form 1099-C Online for 2024 with TaxBandits?
Selecting the Form 1099-C and the desired tax year. TaxBandits enables the filing of both current and prior tax years, offering you comprehensive filing solutions.
Enter the necessary information onto the Form 1099-C using either the manual entry option or the efficient bulk upload feature, which supports CSV templates.
Double-check the data provided on the Form 1099-C and make any necessary changes if required.
After reviewing the form, easily transmit the completed Form to the IRS and State (if applicable). TaxBandits facilitates e-filing for both the IRS and State authorities to simplify the process.
Choose your preferred method of distributing recipient copies, whether through postal mailing or online access. Let TaxBandits handle the distribution of recipient copies on your behalf, ensuring a hassle-free experience + Online Access combined feature called BanditComplete
What Information is Required to E-file Form 1099-C Online?
- 1. Creditor’s details: Name, TIN, Address
- 2. Debtor’s details: Name, TIN, Address
- 3. Date of Identifiable Event
- 4. Amount of canceled debt
- 5. Interest included in the canceled debt
- 6. Debt Description
- 7. Identifiable event code
- 8. Fair market value of property
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Our robust API helps you automate your 1099-C filing and distribution process right from your existing systems. You can seamlessly integrate our 1099 API with your software or portal, facilitating automation while minimizing manual tasks and ensuring accuracy.
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Frequently Asked Questions
What is the IRS Form 1099-C?
IRS Form 1099-C is used by creditors (including domestic bank, a trust company, a credit union) to report the cancellation of $600 or more in debt owed to the debtors such as an individual, corporation, partnership, trust, estate, association or company.
A 1099-C Form must be filed regardless of whether the debtor chooses to report the debt as taxable income.
The copy of Form 1099-C must be furnished to the debtor.
What are the copies in Form 1099-C?
There are 3 copies in Form 1099-C to be completed by the Creditors:
- Copy A - To be filed with the IRS
- Copy B - To be furnished with the debtor
- Copy C - For Creditor Records
When is the deadline to file Form 1099-C?
Form 1099-C must be furnished to recipients by January 31, 2025 and e-filed with the IRS by March 31, 2025. The 1099-C paper filing deadline is February 28, 2025.
Visit https://www.taxbandits.com/1099-forms/1099-c-deadline/ to know more about 1099-C Due dates.
How to fill out Form 1099-C?
Form 1099-C comprised of 7 Boxes. You have to enter the required information in each box.
Boxes for Creditor Information
1. Enter your information like Name, Address, City or Town, State, Postal Code, and Phone Number
2. Enter your TIN (EIN/SSN)
Boxes for Debtor Information
1. Enter your debtor TIN
2. Enter your debtor Name
3. Enter your debtor Address
4. Enter your debtor City, State, Country, and ZIP code
Boxes for debt information
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Box 1: Date of Identifiable Event
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Box 2: Amount of Debt Discharged
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Box 3: Interest, if included in box 2
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Box 4: Debt description
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Box 5: Check here if the debtor was personally liable for repayment of the debt
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Box 6: Identifiable event code
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Box 7: Fair market value of property
Want to know how to complete Form 1099-C? Here are the step by step Form 1099-C Instructions.
What are the IRS Late Filing Penalties of Form 1099-C?
The IRS will issue penalties under section 6721 for filing 1099-C Forms with the following reasons:
- Not filing by the due date
- Not filing a proper 1099 paper form that's machine-readable
- Using the form for the wrong year
- Not using the right copy of Form 1099-C
- Filing with Incorrect or missing TIN
- Filing with the incorrect information
If filing a 1099 C Form that is late for 30 days or less, the penalty is $60 per form and increases to $120 per form if more than 30 days late. Learn More about 1099-C penalties.
Helpful Resource for Form 1099-C
