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jtinney548
New Member

1099c cancellation of debt student loan - who should file? Parent or child?

As co-signer on kids' ed loans, they and I both received a 1099-C for Cancellation of debt. Which one of us should do the filing and how will IRS know which is right and proper?

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FaithY
New Member

1099c cancellation of debt student loan - who should file? Parent or child?

The child should file the 1099-C because the child is the debtor. The co-signing parent is a guarantor not a debtor according to the IRS (https://www.law.cornell.edu/cfr/text/26/1.6050P-1)

The co-signing parent should not have gotten a 1099-C and you should contact the creditor and ask for a corrected 1099-C. If the creditor refuses to correct the 1099-C issued to the co-signing parent, the cosigner will need to attach a note to the tax return with an explanation.

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5 Replies
FaithY
New Member

1099c cancellation of debt student loan - who should file? Parent or child?

The child should file the 1099-C because the child is the debtor. The co-signing parent is a guarantor not a debtor according to the IRS (https://www.law.cornell.edu/cfr/text/26/1.6050P-1)

The co-signing parent should not have gotten a 1099-C and you should contact the creditor and ask for a corrected 1099-C. If the creditor refuses to correct the 1099-C issued to the co-signing parent, the cosigner will need to attach a note to the tax return with an explanation.

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recicup2002
New Member

1099c cancellation of debt student loan - who should file? Parent or child?

Do i not put it on my tax return as income? Do i send in a paper copy with a note?..
jamesgiles3837
New Member

1099c cancellation of debt student loan - who should file? Parent or child?

I am curious about this, as well.
alvarez126
New Member

1099c cancellation of debt student loan - who should file? Parent or child?

Should I include the 1099-C as income and attach a letter. Then file a amended return ?
Bluebonnet58
Returning Member

1099c cancellation of debt student loan - who should file? Parent or child?

I need help filling out the form 982.  The 1099-C that I received was issued for the student loan (for my loan) for my sons education.  He has passed away and the loan has been forgiven.    I have the letter from Navient and the letter that I sent to them regarding the loan and his death certificate.  I will be sending these documents with the form.  Any assistants will be greatly appreciated.

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