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The student should file the 1099-C because the student is the
debtor. The co-signing parent is a guarantor not a debtor according to the IRS
(https://www.law.cornell.edu/cfr/text/26/1.6050P-1)
The co-signing parent should not receive a 1099-C and you should contact the creditor and ask for a corrected 1099-C if you the co-signing parent receive a 1099-C. If the creditor refuses to correct the 1099-C issued to the co-signing parent, the co-signer will need to attach a note to their tax return with an explanation.
How do you attach a note (to insure they actually read it) explaining you were the co-signer not the debtor on your son’s cancelled student loan? Do you claim 0 for the cancelled debt on your tax return?
If you can't get the issuer of the 1099-C to correct it, you should paper file and attach a note and explanation to your return.
The IRS will probably not read it unless they decide to question your return.
You should report the 1099-C on your return, and then report an identical amount under 'Other Income' as a negative number.
To enter 'other Income' in TurboTax:
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