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Information about Form 1099-C

Updated: 10/19/2009
Article ID: 3472

Select a link below to go directly to a topic, or read through this article to learn about Form 1099-C.

What is Form 1099-C?

If a Federal Government agency, financial institution, or credit union cancels or forgives a debt you owe of $600 or more, you'll receive a Form 1099-C, Cancellation of Debt. The amount of the cancelled debt is found in box 2 of the Form 1099-C.

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How do I enter Form 1099-C?

In the TurboTax Interview:

  1. On the Your Personal Income screen, choose Select Specific Topics.
  2. On the following screen, next to Less Common Income, select View List.
  3. Next to Miscellaneous Income, 1099-A, 1099-C, select Start or Revisit.
  4. On the Any Miscellaneous Income? screen, check the box next to "The cancellation of debt (usually reported on Form 1099-A or 1099-C)" and click Continue.
  5. TurboTax will walk you through entering information from the Form 1099-C you received.

In Forms Mode:

  1. Select Forms Mode at the top of the TurboTax screen.
  2. Click the Add Form link.
  3. Type in 1099-C.
  4. Select Form 1099-C: Cancellation of Debt, and click Add Form.
  5. Enter information from the Form 1099-C you received.

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