I had settled a debt with a credit card company and since this is a federal matter due to reporting a 1099-C I was wondering how much I would have pay tax wise on this Forgiven Debt? I had a 10000 debt and they forgave 6200 dollars and the rest I paid cash in. How would I figure out what I would have to pay or what would I have to pay come return time? For the year,I believe my total income before taxes will be about 12000-14000 dollars?