The Deadline to E-file Form (formType) is March 31, 2025.E-File Now
E-file Form 1099-C Online
Prepare and securely file the 1099-C with TaxBandits to report the cancellation of $600 or more of debt owed.
A Comprehensive Solution for Form 1099-C Filing
- Supports Federal and Corrections
- Multiple Data Import Options
- Distribute Recipient Copies by Mail or Online Access
- AI-powered Assistance & World-Class Support
PRO Features Built for Tax Professionals
- Complete Client Management
- Streamlined Team Management
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Form 1099-C: Key Insights
- Creditors use Form 1099-C to report the cancellation of debt owed to debtors, such as individuals, corporations, partnerships, trusts, estates, associations, and companies.
- 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 must be filed electronically by March 31, 2025, and furnish the recipient copies by January 31, 2025.
Benefits of Using TaxBandits to E-file Form 1099-C!
Check out the outstanding features that make TaxBandits your perfect solution for filing 1099-C online.
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Improve your tax filing process and streamline workflows with premium features specifically developed for tax professionals.
Team Management
Effortlessly organize your team by adding unlimited members and assigning them roles like Preparer, Approver, or Transmitter based on their filing responsibilities.
Client Management
Use client management to securely share documents and communicate with clients through the customized portal that reflects your brand identity.
Custom Reports
Make better decisions with custom reports that provide insights into team performance and client filings, supported by in-depth analytics.
Tax Pros can simplify their 1099-C filing with our advanced features!
Contact our team at (704) 684-4758 to explore custom pricing options for high-volume filing!
Information Required to E-file Form 1099-C Online
Creditor’s Information:
Name, TIN, address and telephone number
Debtor’s Information:
Name, TIN, address and account number
Debt Information:
This includes,- The date the debt was canceled before the identifiable event
- The amount of canceled debt
- Description of the debt (student loan, mortgage, or credit card expenditure)
- Interest, if included in the canceled debt
- Appropriate code that corresponds to an identifiable event
- Fair Market Value (FMV) of Property
Follow our instructions to learn how to fill out Form 1099-C. Start e-filing with TaxBandits today.
How to E-file Form 1099-C Online with TaxBandits?
TaxBandits offers you flexible options to complete 1099-C filing. Simply choose your preferred data import method and file with ease.
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Step 1: Select Form 1099-C
Select Form 1099-C from the dashboard to file for the 2024 tax year.
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Step 2: Enter Form 1099-C Information
Enter the required Form 1099-C information either manually or by bulk upload option.
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Step 3: Choose Distribution Options
Choose how to deliver recipient copies: postal mail, online access, or advanced distribution (that supports both).
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Step 4: Review and Transmit
Review the 1099-C form summary and transmit it to the IRS.
We'll send you email updates regarding the status of your forms. You can also track the status directly from your dashboard.
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Step 1: Choose Import Method
Use our standard CSV template or upload your own file option to import Form 1099-C data
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Step 2: Review Import Summary
Our system will generate your 1099-C based on the imported data. You can review the data and make changes as needed.
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Step 3: Choose Distribution Options
Choose how to deliver recipient copies: Postal Mail, Online Access, or Postal Mail+Online Access.
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Step 4: Review and Transmit
Review the form summary and transmit the forms to the IRS.
We'll send you email updates regarding the status of your forms. You can also track the status directly from your Dashboard.
Ready to E-file Form 1099-C with the IRS?
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Frequently Asked Questions About Filing Form 1099-C Online
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
- Box 1: Date of Identifiable Event
- Box 2: Amount of Debt Discharged
- Box 3: Interest, if included in box 2
- Box 4: Debt description
- Box 5: Check here if the debtor was personally liable for repayment of the debt
- Box 6: Identifiable event code
- 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
What is Form 1099-C?
Form 1099-C Instructions
Form 1099 Correction
