E-File Form 1099-C Online for 2023
Tax Year
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How to E-file Form 1099-C Online for 2023 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 custom CSV/Excel 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.
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
Get Started with TaxBandits to e-file your Form 1099 C in minutes!
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Postal Mail
TaxBandits delivers your recipient copies by postal mail.
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TaxBandits allows the Employees/Recipients to View & Download the copies of their 1099 Form through a secured online access portal.
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Use our bulk upload templates to simplify the process and import all of your 1099 data.
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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, 2024 and e-filed with the IRS by April 1, 2024. The 1099-C paper filing deadline is February 28, 2024.
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 Debitor 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
