Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted May 31, 2019 9:26:29 PM

Should I report a cancellation of student loan debt the year it was negotiated (in 2016) or after I have completed paying back the remainder of the debt? (I haven't yet paid it off)

0 2 629
1 Best answer
New Member
May 31, 2019 9:26:31 PM

Cancellation of debt income is reported when you receive 1099-C.

If you have not received this form for 2016, do not include it in your income.

2 Replies
New Member
May 31, 2019 9:26:31 PM

Cancellation of debt income is reported when you receive 1099-C.

If you have not received this form for 2016, do not include it in your income.

New Member
May 31, 2019 9:26:32 PM

Thank you very much for your fast response!