What is a 1099-C?
A 1099-C is a tax form that financial institutions send to the IRS when $600 or more of debt is canceled. A copy of this form is also sent to you for your records.
Why did I receive a 1099-C?
You received a 1099-C because some or all of your loan balance was canceled. Federal tax rules require finance companies to report canceled debt over $600 to the IRS.
Does receiving a 1099-C mean I still owe this debt?
No. A 1099-C means the debt has been canceled and you are not required to repay it.
Will this affect my credit report?
Once a 1099-C is issued, your debt will be reported as Charged-Off with a $0 Balance and $0 Amount Past Due.
How much income is reported on the 1099-C?
The form reports the amount of debt that was canceled. This amount is shown in Box 2 of the 1099-C.
When will I receive my 1099-C?
1099-C forms are typically mailed by January 31 of the year following the debt cancellation.
I have questions around tax filing for my 1099-C?
Possible can’t provide tax advice. If you have questions about how to report your 1099-C on your taxes, please consult your tax advisor.
What if I believe the information on my 1099-C is incorrect?
If you believe there is an error (for example, the amount canceled is wrong or the debt was not yours), please contact our customer support team so we can review and correct it if needed.
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