1099-c

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  • Susan
    #1

    1099-c

    Client received a 1099-C from the State Education Assocation to the tune of $15,000

    Line 21 - Other income?

    Any other information I should ask for?

    Thanks
    Tags: None
    • Susan
      #2
      More Info

      Client received this as part of being an eligble participant in a Loan Forgiveness Program.

        Comment

        • Matt Sova
          Senior Member
          • Jun 2005
          • 645
          #3
          Insolvent

          If they were insolvent at the time the debt was cancelled that it is not taxable. Otherwise, line 21.
          I would put a favorite quote in here, but it would get me banned from the board.

            Comment

            • Susan
              #4
              Thanks

              Thanks Matt,

              She's a dentist, own home, etc.......

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