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1099-C

Form 1099-C is used to report the cancellation of a debt.

What is a 1099-C?

Form 1099-C is used to report the cancellation of a debt.

Why do I file 1099-C?

The IRS requires that all income and deductible expenses are reported by businesses and individuals or penalties could apply.

Who needs to file 1099-C?

A financial institution, the Federal Government, a credit union, RTC, FDIC, NCUA, a military department, the U.S. Postal Service, the Postal Rate Commission, or any organization having a significant trade or business of lending money. See the official IRS instructions.

What to report

Cancellation of a debt owed to a financial institution, the Federal Government, a credit union, RTC, FDIC, NCUA, a military department, the U.S. Postal Service, the Postal Rate Commission, or any organization having a significant trade or business of lending money.

Amount to report

$600 or more

Supported 1099 Forms

We've made it easy to file your 1099 forms. Simply create a Yearli account, enter or import your data, review your data and checkout. It's that easy. Yearli will file your forms to the IRS, applicable state agency and send copies to your recipients.

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