TY 2021 1099-c

Forum|Forum|3 years ago
December 27, 2022
3 replies
29 views

A client received a CP2000 for a non-identified 1099-C for TY2021.

edit: this is cancellation of credit card debt

I think TY2021 had some special rules for cancellation of debt due to the pandemic. Can anyone point me in the right direction?

Happy New Year

ProSeries Professional

This topic has been closed for replies.

qbteachmt

Level 15

Exceptions and exclusions (I'm not sure what you are trying to remember):

https://www.irs.gov/taxtopics/tc431

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T

Terry53029

Intuit Community Champion

The Consolidated Appropriations Act, 2021 provided some relief. Don' believe credit card debt has any exceptions, but here is a link for the exceptions (not official)

https://www.claconnect.com/en/resources/articles/2021/covid-19-debt-relief--without-a-tax-bite-later

Skylane

Author

Intuit Community Champion

Thanks @Terry53029 , that’s what I was looking for and agree there’s nothing there for cc debt….. we spoke in general terms and she’s going through the insolvency exercise but I’m not very hopeful…. I think she’s SOL.

If at first you don’t succeed…..find a workaround

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