I received a cancelation of debt form few days ago but I already filed using TurboTax sent out last early month till got it late another one cancelation of debt so don't know how to fill out apart form? I hate that cause me confused where I have to fill out form and not understand all about?? I tried to find my tax return with turbotax but seem not know how to add another one cancelation of debt?? do you know anything about that??
Greg
What tax year is printed on the 1099-C that you got? Did you get one or two 1099-C forms?
I already fill out cancelation of debt form 2021 last early month. Again another one form 2021 late that I received so no idea where to fill out apart on turbotax but it seem can't cuz already tax return sent out last month so....
Greg
Please check to see if the form you receive has 2021 or 2022 on it. If is 2021 then you can amend the return to claim this income. If the form has 2022 which is most likely not the case, you can claim next years taxes.
This is how to amend the return:
There are a few things you need to know before you can start the amendment process:
Note: If you used TurboTax Free Edition, you'll need to update to PLUS to amend your return.
When you're ready to amend, select your product below and follow the instructions.
If you want to track the status of your amended return, use the IRS Where's My Amended Return? tracking tool. Allow at least 16 weeks for the IRS to process your amended return.
Note: Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you filed your amended state return and you haven't heard anything, we suggest you contact your state tax agency.
@there are a few things you need to know before you can start the amendment process:
Note: If you used TurboTax Free Edition, you'll need to update to PLUS to amend your return.
When you're ready to amend, select your product below and follow the instructions.
If you want to track the status of your amended return, use the IRS Where's My Amended Return? tracking tool. Allow at least 16 weeks for the IRS to process your amended return.
Note: Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you filed your amended state return and you haven't heard anything, we suggest you contact your state tax agency.
@there are a few things you need to know before you can start the amendment process:
Note: If you used TurboTax Free Edition, you'll need to update to PLUS to amend your return.
When you're ready to amend, select your product below and follow the instructions.
If you want to track the status of your amended return, use the IRS Where's My Amended Return? tracking tool. Allow at least 16 weeks for the IRS to process your amended return.
Note: Processing times for amended state returns vary from state to state. If it's been more than 12 weeks since you filed your amended state return and you haven't heard anything, we suggest you contact your state tax agency.
@minnie-09
In addition to what has already been posted in replies, please know that if you are insolvent now because of debt (net worth less than your debt), you do not have to report the amount of the 1099-C, but rather there is a form 982 that you need to file to explain why the amount of the 1099-C should not be added to your income for taxation.
More info on this if it is applicable to you:
https://helpsishere.org/1099c.html