I entered a 199c for 2022 in to turbo tax. my amended return shows an increase in income of 4011.
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It could be due to many reasons. First of all, canceled, forgiven, and discharged debt is considered taxable income unless it qualifies for an exclusion or an exception. Did you enter your information correctly in the amendment section? What kind of debt do you have? I am attaching the following information for your reference:
It could be due to many reasons. First of all, canceled, forgiven, and discharged debt is considered taxable income unless it qualifies for an exclusion or an exception. Did you enter your information correctly in the amendment section? What kind of debt do you have? I am attaching the following information for your reference:
my 1099c does not show how much my lawyer got as payments. My settlement was much less then the
amount. How can I correctly indicate the correct amount, even though I did submit Legal Fees .
The lawyer was paid out of money you technically received which is generally taxable. See Topic No. 431 Canceled Debt – Is It Taxable or Not? | IRS to determine the taxability of your income.
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