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joshhollenbeck
New Member

Do I need to claim a 1099-C if it's less than $600

 
2 Replies
SeanE1
New Member

Do I need to claim a 1099-C if it's less than $600

Everyone that receives a 1099-C, no matter how small, is required by the IRS to include it on their tax returns. The IRS receives every 1099 that is sent out whether it is 1099-B, 1099-Misc, 1099-R, or a 1099-C.  Therefore, if they get your tax return and do not see the 1099-C that they have on your tax return, they will contact you.

Enigma007
Level 2

Do I need to claim a 1099-C if it's less than $600

Can you fact-check that reply regarding everyone receiving a 1099-C no matter how small please, TurboTaxSeanE? Ive read on intuit.com that people ONLY receive a 1099-C if they settled $600 or more in debt; otherwise a creditor is not required by the IRS to file a 1099-C if no more than $600 has been cancelled off of the original debt owed.
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