107591
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If you have already e-filed your return and it's still pending, then you will need to wait until its either "accepted" or "rejected".
If the
return is rejected (returns were
not received by the IRS), then you can simply go back into the return and
correct the income from self-employment to retirement. Therefore, you will be
able resubmit & e-file your return again, like if you were doing it for the
first time.
However, if accepted (the returns were received
by
the IRS), then you will need to Amend
your return.
During the amendment process, you may need to include this as income (Cancellation of Debt, Form 1099-C), because it is generally considered taxable, unless you meet one of the circumstances for your income to be excluded:
If you do meet one of the circumstances, then you will need to file a Form 982, along with your Amended tax return. Please see this link for more information:https://ttlc.intuit.com/replies/5710421
If you don't meet any one of the circumstances, then you will need to include this cancellation of debt as taxable income.
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