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E-File Form 1099-C Online
An exclusive solution for Creditors or Lenders to file Form 1099-C and distribute
recipient copies.
Why Choose TaxBandits to E-file
1099-C?
- Easy and Secure e-filing
- Import recipient data effortlessly with our Bulk upload option
- Validate your return before filing with the IRS
- Deliver recipient copies to the borrowers by Postal mail or Online Access
- Phone, E-mail & Live Chat Support
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Form 1099-C: Key Takeaways!
- Creditors use Form 1099-C to report the cancellation of debt owed to debtors, such as individuals, corporations, partnerships, trusts, estates, associations, and companies.
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Financial institutions, credit unions, certain government agencies, and organizations primarily lending money must file Form 1099-C. This includes banks, the Federal Deposit Insurance Corporation (FDIC), and finance or credit
card companies. - Form 1099-C must be filed regardless of whether the debtor needs to report the debt as income. Don't combine multiple debt cancellations to determine whether the $600 reporting requirement is met unless the separate cancellations are part of a plan to avoid the Form 1099-C requirements.
Form 1099-C Deadline for 2024 Tax Year
| Electronic Filing | Recipient Copy |
|---|---|
| March 31, 2025 | January 31, 2025 |
What Information Is Required to E-file Form 1099-C Online?
- 1. Creditor’s Information: Name, TIN, address and telephone number
- 2. Debtor’s Information: Name, TIN, address and account number
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3. Debt Information:This includes,
- i. The date the debt was canceled before the identifiable event
- ii. The amount of canceled debt
- iii. Description of the debt (student loan, mortgage, or credit card expenditure)
- iv. Interest, if included in the canceled debt
- v. Appropriate code that corresponds to an identifiable event
- vi. Fair Market Value (FMV) of Property
Get started with TaxBandits to e-file your Form 1099-C in minutes!
Make Your 1099-C Filing a Breeze With TaxBandits!
TaxBandits offers a complete range of services for your 1099-C filing needs and ensures compliance with federal regulations.
Federal Filing
- Effortlessly prepare and e-file your 1099-C forms to stay compliant with the IRS.
W-9 Manager
- Securely gather W-9s from recipients and utilize the data to file 1099-C forms effortlessly.
Data Validations
- TaxBandits improves filing accuracy with multiple data validations such as USPS Address Validation and TIN Matching.
Postal Mailing
- Rely on TaxBandits for printing and mailing 1099-C copies to your recipients.
Online Access
- Share the form copies with your recipients through a secure online portal.
Corrections
- Fix the errors in your previously filed 1099-C forms in TaxBandits and retransmit them to the IRS.
How to E-file Form 1099-C Online for 2024 with TaxBandits?
Selecting the Form 1099-C and the desired tax year. TaxBandits enables the filing of both current and prior tax years, offering you comprehensive filing solutions.
Enter the necessary information onto the Form 1099-C using either the manual entry option or the efficient bulk upload feature, which supports CSV templates.
Double-check the data provided on the Form 1099-C and make any necessary changes if required.
After reviewing the form, transmit the completed form to the IRS.
Choose your preferred method of distributing recipient copies, whether through postal mailing or online access. Let TaxBandits handle the distribution of recipient copies on your behalf, ensuring a hassle-free experience + Online Access combined feature called BanditComplete
Are you ready to begin e-filing your 1099-C Form? File in minutes with TaxBandits!
Features that Simplify E-filing of 1099-C Online!
User-Friendly Interface
Our software simplifies the filing process with easy navigation and step-by-step instructions.
Address Book
Payer and recipient information can be added just once and accessed securely for future filings.
Bulk Upload Options
Easily upload your data with our standard CSV template and eliminate the complexities of manual entry.
Save As Drafts
Save your 1099-MISC filings as drafts and pick up from where you left off.
Internal Audit Check
Our automated error-check system conducts an internal audit to ensure your 1099-C forms are free from common errors.
IRIS Business Validation
Our software complies with IRIS standards, ensuring your 1099-C forms meet the latest IRS business rules and regulations.
Download Form Copies
Download and print your transmitted 1099-G forms on your own directly from TaxBandits.
Dedicated Support
Our committed support team is available 24/7 to answer any inquiries about the filing process via telephone, email, or live chat.
Pro Features Tailored for Tax Professionalss
Our specialized features, tailored for tax professionals, streamline the tax filing process, optimize workflow, and deliver exceptional services to your clients.
BanditCollab (Team Management)
TaxBandits enables you to invite unlimited team members and assign them specific roles, facilitating a streamlined workflow and efficient task delegation.
BanditConnect (Client Management)
Leverage BanditConnect to securely share files and communicate with your clients through a custom-branded, secure portal.
Custom Reports
Our comprehensive reports highlight team member activities and client filing progress, empowering you to make informed decisions confidently.
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TaxBandits offers an API integration for seamless automation of 1099-C e-filing and distribution directly from your software.
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Frequently Asked Questions On 1099-C Filing
What is the IRS Form 1099-C?
IRS Form 1099-C is used by creditors (including domestic bank, a trust company, a credit union) to report the cancellation of $600 or more in debt owed to the debtors such as an individual, corporation, partnership, trust, estate, association or company.
A 1099-C Form must be filed regardless of whether the debtor chooses to report the debt as taxable income.
The copy of Form 1099-C must be furnished to the debtor.
What are the copies in Form 1099-C?
There are 3 copies in Form 1099-C to be completed by the Creditors:
- Copy A - To be filed with the IRS
- Copy B - To be furnished with the debtor
- Copy C - For Creditor Records
When is the deadline to file Form 1099-C for the 2024 tax year?
Form 1099-C must be furnished to recipients by January 31, 2025 and e-filed with the IRS by March 31, 2025. The 1099-C paper filing deadline is February 28, 2025.
Note: If the due date falls on a weekend or federal holiday, you should file on the next business day.
Visit https://www.taxbandits.com/1099-forms/1099-c-deadline/ to know more about 1099-C Due dates.
How to fill out Form 1099-C?
Form 1099-C comprised of 7 Boxes. You have to enter the required information in each box.
Boxes for Creditor Information
1. Enter your information like Name, Address, City or Town, State, Postal Code, and Phone Number
2. Enter your TIN (EIN/SSN)
Boxes for Debtor Information
1. Enter your debtor TIN
2. Enter your debtor Name
3. Enter your debtor Address
4. Enter your debtor City, State, Country, and ZIP code
Boxes for debt information
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Box 1: Date of Identifiable Event
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Box 2: Amount of Debt Discharged
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Box 3: Interest, if included in box 2
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Box 4: Debt description
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Box 5: Check here if the debtor was personally liable for repayment of the debt
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Box 6: Identifiable event code
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Box 7: Fair market value of property
Want to know how to complete Form 1099-C? Here are the step by step Form 1099-C Instructions.
What are the IRS late filing penalties of Form 1099-C?
If you fail to file and furnish Form 1099-C within the specified deadlines, the IRS will impose penalties ranging between $60 and $660, depending on your business size and the delayed period.
To learn more about the 1099-C penalties, click here.
Helpful Resource for Form 1099-C
