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Level 1
posted Jun 4, 2019 12:32:33 PM

1099-C (credit card debt cancellation) in NJ State return - reportable?

I entered a 1099-C cancellation of debt (credit card) on my federal return. When I opened the NJ return, TT told me that "NJ taxability undetermined - income from cancellation of debt." and the program suggest I call NJ Div of Taxation. Well, when I called, it told me they are very busy this time of year and can't take calls. So where would I find this information? Thanks!

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1 Best answer
New Member
Jun 4, 2019 12:32:34 PM

No, cancellation of debt is considered exempt income, and should not be included when you file your New Jersey return. return.

Click here to see New Jersey exempt income.



2 Replies
New Member
Jun 4, 2019 12:32:34 PM

No, cancellation of debt is considered exempt income, and should not be included when you file your New Jersey return. return.

Click here to see New Jersey exempt income.



Level 1
Jun 4, 2019 12:32:35 PM

Thanks DanO!