turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I recieved 3 1099cs after i filed my taxes. I entered debt settlement and they said to contact my tax preparer and that I needed to prove this was not extra income. How?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
rjs
Level 15
Level 15

I recieved 3 1099cs after i filed my taxes. I entered debt settlement and they said to contact my tax preparer and that I needed to prove this was not extra income. How?

In most cases canceled debt is additional income. You have to report it as income and pay tax on it. There are a few exceptions, which you can read about in IRS Publication 17, at the following link.

https://www.irs.gov/publications/p17#en_US_2018_publink1000171963

Are your 1099-Cs for 2018 or 2019? If they are for 2018, and your situation does not meet one of the exceptions, you will have to file an amended return (Form 1040X) to add the income to your 2018 tax return. If they are for 2019, they will go on your 2019 tax return.

Go to the following link for instructions to amend a 2018 tax return that you filed with TurboTax Online.

https://ttlc.intuit.com/questions/4667226-how-do-i-amend-my-2018-turbotax-online-return

An amended return has to be filed on a special form, Form 1040X. It cannot be e-filed. You have to print it, sign it, and file it by mail. It takes the IRS up to 16 weeks to process an amended return.

Don't file the amended return until your first return has been accepted and you have received the original refund.


message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies