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If you have a 1099-C for a car loan, in box 6 it has the letter G can you explain this and will this have to be filed?

 
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georgesT
New Member

If you have a 1099-C for a car loan, in box 6 it has the letter G can you explain this and will this have to be filed?

A 1099C -Debt Cancellation is received If your debt is cancelled or forgiven. You have to report in your taxes.

Code G mean - Decision or policy to discontinue collection

See the below IRS link for additional information.

https://www.irs.gov/forms-pubs/about-publication-4681

See the below answer to FAQ on how to enter your 1099-C

https://ttlc.intuit.com/replies/5107826


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