Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 6, 2019 8:10:16 AM

Do I have to file the 1099c for a closed business?

I received a 1099c (2017) for a business (S-corp) that I closed and filed a final tax return for in 2013.  The 1099c came with the busniess EIN number not with my SSN.  Do I have to file this 1099c on my personal return this year?

0 3 2958
3 Replies
Level 15
Jun 6, 2019 8:10:17 AM

What is the question?  is this a Sch c business where you did not pay a bill and they wrote it off?

New Member
Jun 6, 2019 8:10:19 AM

Yes, the business did not pay a credit card bill.  The company was closed in 2013 (with a final return)..  The business had no assets or property when closed.  I just now received a 1099c for the credit card that wasn't paid in 2012.  The final return was already filed. What do I do with this 1099c.  It came in the EIN of the business not with my SSN.

Level 15
Jun 6, 2019 8:10:21 AM

I found some good information on this.

It is considered taxable income.  However, if the business is not solvent, then the amount would not be taxable income.

Take a look at this link as it addresses this issue.  The tax law is the same yet for credit cards as it is now, so while the link has some older years, the tax law is still the same in this area.  

http://www.asktaxguru.com/7306-1099-c-for-closed-business.html