We received three 1099-C forms for our sons student loans that my husband co-signed on. Who files it? Our son or us? ( online research I did says both are not required to since it is the same debt ) ?======>>>>>> Only one person reports usually the primary. You and he don't pay taxes on the same income. But if the primary doesn't pay the taxes on it, they can come after the co-signer. However, if you claim your son as a dependant, because he has no income, you may be required to claim it. Each individual state has their own requirements when it comes to the treatment of a student loan. For instance, the State of Pennsylvania does not require you to pay income taxes on a discharged student loan or any other loan as they do not consider loan forgiveness as personal income. For what your individual state requires of a discharged student loan, you will need to go to your local state's website and search "student loan discharge
Also, if only he does have to file, and he is able to prove insolvency, would that change anything?=======>>>>>> Student loans are difficult, but not impossible, to discharge in bankruptcy. To do so, you must show that payment of the debt “will impose an undue hardship on you. I do not think so;however, If he defaulted on a Perkins Loan, it may still be held by his college and he should contact it for more information Ifhe qualify for a complete discharge of his loan, he is no longer obligated to make loan payments. Depending on the type of loan discharge program for whichhe may be eligible, the U.S. Department of Education may be required to refund to him some or all of the payments he made on the loan. In addition, any adverse credit record related to a default might be deleted, and no tax refund offset or wage garnishment will take place to collect on the discharged loan.