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1099c cancellation debt exclusions

I recieved today 1099 c cancellation of debt do i need to amend my 2016 return
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1099c cancellation debt exclusions

Yes, It is recommended that you file an amendment and include the 1099-C.  You will need to file an amendment to determine if you will have to pay taxes on the cancelled debt. 

Before you amend your return, here are three things you need to know. 

First, make sure you got your refund or paid your taxes due; you want to make sure the government doesn’t get confused with your money, so the original return needs to be all squared away before you amend.

Second, print a copy of your original return and have it right by your side when you start to amend in TurboTax. Trust us; this is really important.

Third, you can amend this year’s return only with this year’s version of TurboTax. If you want to amend your return from a prior year, use that year’s version of TurboTax.

To start your amended return, go back into TurboTax, open the return that you already sent in, and on the first page you see, click on the link to amend your return.

Remember before you amend: amend only if you need to make a change on a return you have already filed. Wait until you got your refund or paid your taxes. Have a copy of your original return at your side before you start. And be sure you use the correct year’s version of TurboTax. Don’t worry, TurboTax will walk you through the entire amend process.

TurboTax walks you step-by-step through amending your federal and state income tax returns. You won't have to start all over all you have to do is add the new form(s). This will not affect the tax return that you have already filed.

It is recommend that you wait until both your federal and state returns have been accepted before you amend in TurboTax. You will have to mail your amended federal return to the IRS and mail your amended state return to your state's department of revenue.

See How to Amend (Change or Correct) a Return You Already Filed to amend your income tax return.   After you complete the amendment you will have to mail your amended return to the IRS. .


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