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amiddleton111
New Member

What happens if i don't file a 1099c?

my parents settled on a student loan they were cosigned on with me. and when i entered the info for the 1099c it told me i owed around 2k. i don't have 2k to pay.
1 Reply
WillK
Level 9

What happens if i don't file a 1099c?

The IRS will probably make an adjustment to your tax return if you do not report the 1099-C. Remember the IRS gets all the tax forms as well, so they will be looking for it on your tax return.

If you cannot pay the taxes that you owe, you can always set up an installment agreement with the IRS. Click the following link to start the process on setting up an installment agreement: https://www.irs.gov/individuals/payment-plans-installment-agreements

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