Last year we took a settlement on a credit card. We ended up paying $1,000 less than what the original balance was. They told us we would have to claim that $1,000 as income when filing our taxes this year. I havent recieved anything from them yet but I was wondering where on a 1040A form would that income be put? Or will I have to file a 1040 instead? Which I dont want to do since we dont really have any deductions so its much better to take the standard deduction. Has anyone else had to deal with this?Answer Question
Asked by Anonymous at 2:26 AM on Jan. 30, 2010 in Money & Work
I never had to claim that on my taxes I did the same and I never claimed it on my taxes. I would call the company and maybe speak with a tax professional.
Answer by Anonymous at 2:30 AM on Jan. 30, 2010
Answer by Anonymous at 2:33 AM on Jan. 30, 2010
Answer by rkoloms at 6:20 AM on Jan. 30, 2010
Answer by Anonymous at 12:47 PM on Jan. 30, 2010