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Get Started with TaxBandits to e-file your Form 1099 C in minutes!
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.
There are 3 copies in Form 1099-C to be completed by the Creditors:
Form 1099-C must be furnished to recipients by January 31, and e-filed with the IRS by March 31 each year. The 1099-C paper filing deadline is Feb 28, 2020.
Form 1099-C comprised of 7 Boxes. You have to enter the required information in each box.
1. Enter your information like Name, Address, City or Town, State, Postal Code, and Phone Number
2. Enter your TIN (EIN/SSN)
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
The IRS will issue penalties under section 6721 for filing 1099-C Forms with the following reasons:
If filing a 1099 C Form that is late for 30 days or less, the penalty is $50 per form and increases to $100 per form if more than 30 days late. Learn More about 1099-C penalties.