Federal Cancellation of Debt (Info Copy Only)
Extracted from PDF file 2020-federal-form-1099-c.pdf, last modified November 2019
Cancellation of Debt (Info Copy Only)8585 VOID CORRECTED CREDITOR'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. 1 Date of identifiable event 2 Amount of debt discharged $ 3 Interest, if included in box 2 $ CREDITOR'S TIN DEBTOR'S TIN OMB No. 1545-1424 2020 Form 1099-C Copy A 4 Debt description For Internal Revenue Service Center DEBTOR'S name Street address (including apt. no.) File with Form 1096. For Privacy Act and . ▶ Paperwork Reduction Act Notice, see the 2020 General Instructions for 7 Fair market value of property Certain Information Returns. $ 5 Check here if the debtor was personally liable for repayment of the debt . . . . . . . City or town, state or province, country, and ZIP or foreign postal code Account number (see instructions) Cancellation of Debt 6 Identifiable event code 1099-C Cat. No. 26280W www.irs.gov/Form1099C Department of the Treasury - Internal Revenue Service Do Not Cut or Separate Forms on This Page — Do Not Cut or Separate Forms on This Page Form CORRECTED (if checked) CREDITOR'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. 1 Date of identifiable event 2 Amount of debt discharged $ 3 Interest, if included in box 2 OMB No. 1545-1424 2020 Form 1099-C $ CREDITOR'S TIN DEBTOR'S TIN Cancellation of Debt Copy B 4 Debt description For Debtor DEBTOR'S name Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code Account number (see instructions) This is important tax information and is being furnished to the IRS. If you are required to file a return, a negligence 5 If checked, the debtor was personally liable for penalty or other repayment of the debt . . . . . . . . ▶ sanction may be imposed on you if taxable income results from this transaction and the IRS determines 6 Identifiable event code 7 Fair market value of property that it has not been reported. $ Form 1099-C (keep for your records) www.irs.gov/Form1099C Department of the Treasury - Internal Revenue Service Instructions for Debtor You received this form because a federal government agency or an applicable financial entity (a creditor) has discharged (canceled or forgiven) a debt you owed, or because an identifiable event has occurred that either is or is deemed to be a discharge of a debt of $600 or more. If a creditor has discharged a debt you owed, you are required to include the discharged amount in your income, even if it is less than $600, on the “Other income” line of your Form 1040 or 1040-SR. However, you may not have to include all of the canceled debt in your income. There are exceptions and exclusions, such as bankruptcy and insolvency. See Pub. 4681, available at IRS.gov, for more details. If an identifiable event has occurred but the debt has not actually been discharged, then include any discharged debt in your income in the year that it is actually discharged, unless an exception or exclusion applies to you in that year. Debtor's taxpayer identification number (TIN). For your protection, this form may show only the last four digits of your TIN (social security number (SSN), individual taxpayer identification number (ITIN), adoption taxpayer identification number (ATIN), or employer identification number (EIN)). However, the creditor has reported your complete TIN to the IRS. Account number. May show an account or other unique number the creditor assigned to distinguish your account. Box 1. Shows the date the earliest identifiable event occurred or, at the creditor's discretion, the date of an actual discharge that occurred before an identifiable event. See the code in box 6. Box 2. Shows the amount of debt either actually or deemed discharged. Note: If you don't agree with the amount, contact your creditor. Box 3. Shows interest if included in the debt reported in box 2. See Pub. 4681 to see if you must include the interest in gross income. Box 4. Shows a description of the debt. If box 7 is completed, box 4 also shows a description of the property. Box 5. Shows whether you were personally liable for repayment of the debt when the debt was created or, if modified, at the time of the last modification. See Pub. 4681 for reporting instructions. Box 6. Shows the reason your creditor has filed this form. The codes in this box are described in more detail in Pub. 4681. A—Bankruptcy; B—Other judicial debt relief; C—Statute of limitations or expiration of deficiency period; D— Foreclosure election; E—Debt relief from probate or similar proceeding; F—By agreement; G—Decision or policy to discontinue collection; or H—Other actual discharge before identifiable event. Box 7. If, in the same calendar year, a foreclosure or abandonment of property occurred in connection with the cancellation of the debt, the fair market value (FMV) of the property will be shown, or you will receive a separate Form 1099-A. Generally, the gross foreclosure bid price is considered to be the FMV. For an abandonment or voluntary conveyance in lieu of foreclosure, the FMV generally is the appraised value of the property. You may have income or loss because of the acquisition or abandonment. See Pub. 4681 for information about foreclosures and abandonments. If the property was your main home, see Pub. 523 to figure any taxable gain or ordinary income. Future developments. For the latest information about developments related to Form 1099-C and its instructions, such as legislation enacted after they were published, go to www.irs.gov/Form1099C. VOID CORRECTED CREDITOR'S name, street address, city or town, state or province, country, ZIP or foreign postal code, and telephone no. 1 Date of identifiable event 2 Amount of debt discharged $ 3 Interest, if included in box 2 OMB No. 1545-1424 2020 Form 1099-C $ CREDITOR'S TIN DEBTOR'S TIN Cancellation of Debt Copy C 4 Debt description For Creditor DEBTOR'S name Street address (including apt. no.) City or town, state or province, country, and ZIP or foreign postal code Account number (see instructions) For Privacy Act and Paperwork Reduction Act 5 Check here if the debtor was personally liable for Notice, see the repayment of the debt . . . . . . . . ▶ 2020 General Instructions for Certain Information Returns. 6 Identifiable event code 7 Fair market value of property $ Form 1099-C www.irs.gov/Form1099C Department of the Treasury - Internal Revenue Service Instructions for Creditor To complete Form 1099-C, use: • The 2020 General Instructions for Certain Information Returns, and • The 2020 Instructions for Forms 1099-A and 1099-C. To order these instructions and additional forms, go to www.irs.gov/Form1099C. Caution: Because paper forms are scanned during processing, you cannot file Forms 1096, 1097, 1098, 1099, 3921, or 5498 that you print from the IRS website. Due dates. Furnish Copy B of this form to the debtor by February 1, 2021. File Copy A of this form with the IRS by March 1, 2021. If you file electronically, the due date is March 31, 2021. To file electronically, you must have software that generates a file according to the specifications in Pub. 1220. The IRS does not provide a fill-in form option for Copy A. Need help? If you have questions about reporting on Form 1099-C, call the information reporting customer service site toll free at 866-455-7438 or 304-263-8700 (not toll free). Persons with a hearing or speech disability with access to TTY/TDD equipment can call 304-579-4827 (not toll free).
2020 Form 1099-C
More about the Federal Form 1099-C Corporate Income Tax TY 2020
We last updated the Cancellation of Debt (Info Copy Only) in July 2021, so this is the latest version of Form 1099-C, fully updated for tax year 2020. You can download or print current or past-year PDFs of Form 1099-C directly from TaxFormFinder. You can print other Federal tax forms here.
Related Federal Corporate Income Tax Forms:
|Form Code||Form Name|
|Form 1099-CAP||Changes in Corporate Control and Capital Structure|
The Internal Revenue Service usually releases income tax forms for the current tax year between October and January, although changes to some forms can come even later. We last updated Federal Form 1099-C from the Internal Revenue Service in July 2021.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Federal Form 1099-C
We have a total of ten past-year versions of Form 1099-C in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2020 Form 1099-C
2019 Form 1099-C
2018 Form 1099-C
2017 Form 1099-C
2016 Form 1099-C
2016 Form 1099-C
2014 Form 1099-C
2013 Form 1099-C
2013 Form 1099-C
2012 Form 1099-C
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