Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

it's for a car loan forgiveness since my vehicle was stolen the car dealership decided to let me out of my contract

posted

Connect with an expert

3 Replies

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

That is income and must reported. The IRS has a copy of that form and will expect it on your return.

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

what I'm not understanding is how is that my income when it's a car loan when I haven't paid anything on that car because it was stolen. i had the car for a couple of months then it got stolen. how am I the one having to pay or the one being somewhat punished for someone else wanting my car?

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

I can only tell you what is the tax law.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

Do you have an Intuit account?

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

Will I get penalized if I do not add this 1099-C form to my taxes this year? will it effect the outcome of my return?

Unlock tailored help options in your account.

Get more help

Related Content

Thank you for helping us improve the TurboTax Community!

Sign in to Turbotax

File your taxes, your way

Access additional help, including our tax experts

Post your question

Connect with an expert