Form 1099C 21 Cancellation of Debt Copy B For Debtor Department of the Treasury Internal Revenue Service This is important tax information and is being furnished to the IRS If you are required to file a return, a negligence penalty or other sanction may be imposed on you if taxable income results from this transaction and the IRS determinesIn fact there is a code for the 1099C that appears to be tailor made for debt settlement reporting Code F — By agreement "Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration"Form 1099Q will be issued to the beneficiary student, for example, if the 529 distribution was paid to the beneficiary, the school, or a student loan provider
Www Irs Gov Pub Irs Prior I1099ac 13 Pdf
