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smccalley24
New Member

If I received a 1099c cancellation for my credit card debt but I filed for bankruptcy. Do I still need to file the paper on my taxes online?

 
1 Reply
PatriciaV
Expert Alumni

If I received a 1099c cancellation for my credit card debt but I filed for bankruptcy. Do I still need to file the paper on my taxes online?

Yes, you need to include the information from Form 1099-C on your tax return. However, some or all of the amount in Box 2 could be exempt from taxes. TurboTax will help you determine what portion (if any) is taxable.

Even if you receive a Form 1099-C from a lender, you still may be able to avoid taxation on the forgiveness of a debt. If your debt was discharged in a Title 11 bankruptcy proceeding, such as a Chapter 7 or Chapter 13 case, you're not responsible for taxes on that debt.

For more information, see: 

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