If I have credit card debt that was consolidated, and I received a 1099-C, do I have to report it?

[fine-sean]

I had a lot of credit card debt from being young and stupid, and it was all consolidated by Clear One, which then got paid into by New Credit America, and I had never received a 1099-C before for paying anything off at the "cheaper" amount.

[Papabair]

Taxpayers receive a 1099-C form when a debt collector has excused at least $600 of debt. The taxpayer must report the amount of debt forgiven when reporting annual federal taxes on the 1040 form for individuals. Line 21 has the space for other income, and the filer should include the amount of debt forgiven on that line. Debt forgiveness should be reported even if it was below the $600 minimum that triggers a 1099-C form. Exceptions exist in cases of bankruptcy and insolvency. The Internal Revenue Service details the exceptions in Publication 4681.

[AmyC]

Yes, the cancelled debt is income to you. 

Let me help you navigate the 1099C

1. Log into your return

2. select Pick Up Where I Left Off

3. In the top right corner, locate the Magnifying glass/search  

4. enter the exact words f1099c

5. Enter

6. Select the first entry Jump to 1099c

7. Enter your information.