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yondiew
New Member

1099-C Cancellation of debit form. Only Box 2 through 5 is available? I need Box 6 to put code G? Why is it not there?

 
1 Reply
DianeW
Expert Alumni

1099-C Cancellation of debit form. Only Box 2 through 5 is available? I need Box 6 to put code G? Why is it not there?

The code (G—Decision or policy to discontinue collection) does not affect the taxability of the cancelled debt.  For this reason the entry is not needed for tax calculations.

If you believe you have a situation where the cancelled debt can be excluded such as bankruptcy you can retain your bankruptcy records and do not report the income.

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