In most situations, if you receive a Form 1099-C, "Cancellation of Debt," from the lender that forgave the debt, you'll have to report the amount of cancelled debt on your tax return as taxable income.
To add form 1099-C to your tax return that has already been filed and accepted by the taxing agency, you should follow these guidelines.
- You must first wait until the initial return is completely processed.
- You will have to use the same TurboTax account that you used for the original tax return.
- Once you begin your amendment, you'll see your original return.
- The refund calculator will start new at $0 and only reflect the changes in the refund or tax due
- Only make changes to the areas of your return that need to be corrected.
- You have three years from the date you filed your return or two years after you paid the tax due (whichever is later) to file an amendment
Follow the instructions to :Amend in TurboTax
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