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Form 1099-C

Form name:

Cancellation of Debt

IRC Section

6050P

Link to form:

https://www.irs.gov/pub/irs-pdf/f1099c.pdf

Purpose of form

This form is used by applicable entities that discharge, in whole or in part, the indebtedness of any person during any calendar year.

Information reported on form

  • The name, address, taxpayer identification number and phone number of each creditor
  • The name, address, and taxpayer identification number of the debtor
  • The date of the discharge and the amount of the indebtedness discharged, and,

 

Please see Form 1099-C for all other information required to be reported.

Reporting threshold

$600 or more.

Due date to recipient

January 31.

Due date to IRS (paper filing)

February 28.

Due date to IRS (Electronic Filing)

March 31.