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In box 6 of my 1099C do not show a code?

Asked by: mgates 1128 views YA Discussion

There is no code in box 6 of my 1099C , and it states keep for your records at the bottom, I am not sure if it should be filed now or wait for the 3 years to be up when a true decision is made on the cancellation of the debt…I just need to be sure.

1 Answers

  1. Quick Answers on Mar 10, 2013 Reply

    Box 6 is new and not really required until next year.

    The 1099-C is cancelled debt income. If box 5 is checked, you MUST report the income this year. The statute of limitations is supreceded by a 36-month-test that has been met.

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