topic Re: 1099c please help in After you file

1099c please help

Mslabubu — Thu, 27 Feb 2025 19:15:42 GMT

I have a small corporation and I have a business credit card which is personally guaranteed. The debt is canceled, now they send me two 1099c forms one to EIN and one to SSN. Should I just file to personal since I am personally guarantor?

Re: 1099c please help

ThomasM125 — Thu, 27 Feb 2025 19:20:32 GMT

You could report it in either place, but the IRS will more likely look for it to be reported on your personal tax return, so I suggest you report it there. Keep a copy of both notices as the IRS may inquire about it later on so you will need evidence that it is a duplicate reporting.

Re: 1099c please help

Mslabubu — Thu, 27 Feb 2025 20:03:12 GMT

Thank you for your response. So I don’t need to do anything 1099c form that issues to EIN?

Re: 1099c please help

MaryK4 — Fri, 28 Feb 2025 01:19:42 GMT

Correct, as long as you report the income on your personal return, you do no have to report under EIN. @Mslabubu

Re: 1099c please help

Mslabubu — Fri, 28 Feb 2025 20:13:59 GMT

And if I filed chapter 7 bankruptcy with that business credit card. Does the taxable income will go back to Small corporation?

Re: 1099c please help

JamesG1 — Tue, 04 Mar 2025 00:34:40 GMT

The IRS form 1099-C will be reported on the individual tax return.

If so, is the bankruptcy final? If the debt was canceled in a Title 11 bankruptcy case, and the bankruptcy and IRS form 1099-C are reported on the personal tax return, the bankruptcy is reported on IRS form 982.

In TurboTax Premium Online, enter '982' in the Search magnifying glass in the upper right hand corner of the screen. Then select 'Jump to 982'.

The notes found in TurboTax Premium Online for IRS form 982, states:

We recommend you consult a tax professional or see IRS publications 4681 or 544 at irs.gov.

@Mslabubu