Form 1099-C - Cancellation of debt FAQs (1040)

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

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The following includes answers to common questions about Form 1099-C.

What is Form 1099-C and how does it affect my client's tax return?

What do I do if my client repaid a previously canceled debt that was included in income?

How does UltraTax CS calculate the amount of canceled debt to be included in income?

Do I have to enter the 1099-C information if all canceled debt is excluded from income, or can I just use Screen 982 to produce the form?

Are any amounts entered in Screen 1099C reported on Form 982?

The taxpayer received a 1099A and a 1099C for the same property. How should the information be entered?

The taxpayer only received 1099-C for property that was abandoned and foreclosed on in the same year. How should the information be entered?

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