Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-06-2015, 06:39 PM
Junior Member
 
Join Date: Jan 2015
Posts: 2
Thumbs down 1099C not received for reported income until following year

In 2013, I negotiated and settled an old debt. I made the final payment in December of 2013 under the agreement that upon receipt of that payment, the balance of the debt would be forgiven. But I did not receive a 1099C. Everything I read on the subject told me there have been countless problems with these forms, and regardless of whether I received the document or not it was my responsibility to declare the income and pay the resultant tax.

Finally, in March of 2014, I called the IRS and spoke with a customer service agent. She told me I was correct and that since the agreement was satisfied in 2013, I should declare the income and pay the tax, whether I got the 1099C or not. So I did.

A few weeks ago, I received a 1099C stating the amount forgiven and listing it as income for tax year 2014. I went to the IRS website today and checked my income transcript for 2013. The expected 1099C does not appear. So, should I submit a 1040X amended return for 2013 and add the income to my 2014 return or should I try to solve this dilemma some other way?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099C received by S Corp that has been dissoved jodicpa S-Corporation 1 02-27-2015 02:51 AM
Income received from a client two year after the death of the truster toofan Trusts and Gift Tax Returns 0 03-06-2014 12:01 AM
1099-MISC income reported for 2012 tax filing but payment from employer never received daringhunk Income 1 03-27-2012 10:26 AM
Part year (MA -> MD): Line 5. Other additions or Line 12. Income received during period of non-residence kj1tax Income 4 04-13-2011 11:37 AM
1099 Income not reported on correct year amazonas Income 1 01-24-2009 09:04 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning