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debt discharge??

Anonymous
Posted by Anonymous
  • 20 Replies
I got a 1099 c... what does it mean? What do I do now?? Is it off my credit report now???
Posted by Anonymous on Jan. 31, 2013 at 10:24 AM
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Replies (1-10):
Anonymous
by Anonymous 2 on Jan. 31, 2013 at 10:24 AM

i have noooo idea. here's a bump! maybe try googling it?!

lnrmom
by on Jan. 31, 2013 at 10:25 AM

You'll have to put it on your taxes. It counts towards your income for the year.

Anonymous
by Anonymous 1 - Original Poster on Jan. 31, 2013 at 10:27 AM
So will I get money back from it?


Quoting lnrmom:

You'll have to put it on your taxes. It counts towards your income for the year.


Anonymous
by Anonymous 3 on Jan. 31, 2013 at 10:29 AM

It means that the lender forgave the debt.  It will probably stay on your credit report.  You need to file the form with your tax return.  You should contact a CPA to see how it will affect your taxes.

lnrmom
by on Jan. 31, 2013 at 10:29 AM

Not likely. I don't know your whole financial situation, but it will bump your AGI up. 


Quoting Anonymous:

So will I get money back from it?


Quoting lnrmom:

You'll have to put it on your taxes. It counts towards your income for the year.



 

Anonymous
by Anonymous 1 - Original Poster on Jan. 31, 2013 at 10:33 AM
What is agi???

I made about 700 last year dh made 0


Quoting lnrmom:

Not likely. I don't know your whole financial situation, but it will bump your AGI up. 




Quoting Anonymous:

So will I get money back from it?



Quoting lnrmom:


You'll have to put it on your taxes. It counts towards your income for the year.





 


Anonymous
by Anonymous 4 on Jan. 31, 2013 at 10:41 AM

If you do turbotax freefile there will be a screen that will ask if you have additional income to report, that's where you'd enter in all that info. There should be directions in really tiny print on the back of the form. 

Anonymous
by Anonymous 1 - Original Poster on Jan. 31, 2013 at 10:42 AM
Thanks


Quoting Anonymous:

If you do turbotax freefile there will be a screen that will ask if you have additional income to report, that's where you'd enter in all that info. There should be directions in really tiny print on the back of the form. 


Anonymous
by Anonymous 5 on Jan. 31, 2013 at 10:44 AM
1 mom liked this

Between the two of you, you made $700 last year?  God I hope that's a typo.

Quoting Anonymous:

What is agi???

I made about 700 last year dh made 0


Quoting lnrmom:

Not likely. I don't know your whole financial situation, but it will bump your AGI up. 




Quoting Anonymous:

So will I get money back from it?



Quoting lnrmom:


You'll have to put it on your taxes. It counts towards your income for the year.








Anonymous
by Anonymous 1 - Original Poster on Jan. 31, 2013 at 11:21 AM
Nope not a typo... my husband gets ssd though... I also babysit. But don't report it


Quoting Anonymous:

Between the two of you, you made $700 last year?  God I hope that's a typo.

Quoting Anonymous:

What is agi???



I made about 700 last year dh made 0





Quoting lnrmom:

Not likely. I don't know your whole financial situation, but it will bump your AGI up. 






Quoting Anonymous:

So will I get money back from it?




Quoting lnrmom:



You'll have to put it on your taxes. It counts towards your income for the year.












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