- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Retirement tax questions
Most likely, yes.
If there are no exceptions that apply to your situation, you will need to pay tax of Form 1099-C. The most common exceptions are insolvency (having a more in total liability balances than in fair market asset value) or bankruptcy.
See the following: Guide to Debt Cancellation and Your Taxes - TurboTax Tax Tips and IRS Topic 431
‎June 4, 2019
7:20 PM