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1099 Forms

Form 1099-C

What is 1099-C?

what is it?

Form 1099-C (for Cancellation) reports the cancellation of a debt of $600 or more. 1099-C and form 1099-A may coordinate, depending on the circumstances.

Who needs it?

A lender is supposed to file a 1099-C form if it “cancels” $600 or more in debt.

  • A financial institution described in section 581 or 591(a) (such as a domestic bank, trust company, building and loan or savings and loan association).
  • A credit union.
  • Any of the following, its successor, or subunit of one of the following:
    • Federal Deposit Insurance Corporation
    • Resolution Trust Corporation
    • National Credit Union Administration
    • Any other federal executive agency, including government corporations,
    • Any military department
    • U.S. Postal Service
    • Postal Rate Commission
    An instrumentality in the judicial or legislative branch of the government
  • A corporation that is a subsidiary of a financial institution or credit union, but only if, because of your affiliation, you are subject to supervision and examination by a federal or state regulatory agency.
  • A Federal Government agency including:
    • A department
    • An agency
    • A court or court administrative office
  • Any organization whose significant trade or business is the lending of money, such as a finance company or credit card company
Who needs 1099 C?

When to File it

With Tax1099.com, we automatically schedule your IRS e-File transmission date for the e-File deadline. That allows you to make changes to forms after creating them for your vendors and before sending them to the IRS, without the need to issue corrected forms – all at no additional cost for the e-File update. You may also change the scheduled date to occur earlier than the deadline if you prefer.

When to file Form 1099-C?
Filing Type Due Date
Recipient copy January 31, 2018
IRS Paper Filing February 28, 2018
IRS E-File March 31, 2018
How long will 1099-C form take?

Electronically filed 1099-C forms are directly transmitted to the IRS from the Tax1099.com system. IRS e-filed acceptance acknowledgment comes within 3 to 7 business days.



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