Comments on: Credit card debt and 1099c forms. Once you file taxes will your credit card debt with company be gone? http://www.debtconsolidationcap.com/credit-card-debt-and-1099c-forms-once-you-file-taxes-will-your-credit-card-debt-with-company-be-gone.html Sat, 26 Sep 2009 12:53:09 -0600 http://wordpress.org/?v=2.8.5 hourly 1 By: peasticker http://www.debtconsolidationcap.com/credit-card-debt-and-1099c-forms-once-you-file-taxes-will-your-credit-card-debt-with-company-be-gone.html/comment-page-1#comment-317 peasticker Sun, 19 Apr 2009 21:22:10 +0000 http://www.debtconsolidationcap.com/credit-card-debt-and-1099c-forms-once-you-file-taxes-will-your-credit-card-debt-with-company-be-gone.html#comment-317 Yes, you owe taxes on the $10,000 settled debt. What the government means that you had a windfall by not paying the $10,000 settled debt. Yes, you owe taxes on the $10,000 settled debt. What the government means that you had a windfall by not paying the $10,000 settled debt.

]]> By: boilerette72 http://www.debtconsolidationcap.com/credit-card-debt-and-1099c-forms-once-you-file-taxes-will-your-credit-card-debt-with-company-be-gone.html/comment-page-1#comment-318 boilerette72 Sun, 19 Apr 2009 21:22:10 +0000 http://www.debtconsolidationcap.com/credit-card-debt-and-1099c-forms-once-you-file-taxes-will-your-credit-card-debt-with-company-be-gone.html#comment-318 Sounds like your debt to the credit card is gone, but you're going to pay tax on the forgiven debt. use Turbo Tax for free and see where you are. It will ask you to put in the 1099c information. Unless you paid some estimated taxes, you might also get a penalty for not paying enough taxes. but, try turbo tax. The 1099C should have a "taxible" amount field on it. Sounds like your debt to the credit card is gone, but you're going to pay tax on the forgiven debt.

use Turbo Tax for free and see where you are. It will ask you to put in the 1099c information.

Unless you paid some estimated taxes, you might also get a penalty for not paying enough taxes. but, try turbo tax.

The 1099C should have a "taxible" amount field on it.

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