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Reporting Cancelled Debt with IRS 1099-C

You may be off the hook with the recent cancellation of a debt, but don’t forget to report it to the IRS with Form 1099-C!

Here at PDFfiller, we are continuing with our review of the all 1099 forms you’ll need this tax season.  This post provides a handy guide to the IRS Form 1099-C.

What is an IRS 1099-C?

According to the IRS,  when any debt you owe that is canceled, forgiven or discharged, that counts as taxable income. Form 1099-C “Cancellation of Debt” informs the IRS about debt that has been cancelled or wiped out in bankruptcy. A creditor or money lender has to file this form to inform about the cancellation of debt of more than $600 to a debtor and to the IRS.

Among the reasons to file a 1099-C are:

• You negotiated a settlement to pay the debt for less than the amount you owe and the lender forgave the rest of the loan amount.
• You owe a home that is now in foreclosure, and there is a difference between the value of the home and the amount owed – in this case, be sure to check out our post on 1099-A.
• You sold the home in a short sale and the lender agreed to accept a lump sum amount.
• You fail to pay anything on a debt for the past three years and must surrender a property in a bankruptcy proceeding.

Who needs an IRS 1099-C form?

A financial institution under section 581 or 591(a), a credit union, a successor of FDI corporation, NCU administration, military department, U.S. postal service, postal rate commission, a federal government agency or finance company all may need to file the 1099-C form. If you receive a Form 1099-C from a lender, you’ll have to report the amount on that form to the Internal Revenue Service as taxable income.

When is IRS 1099-C due?

File copies with the IRS by the end of February and a copy to the debtor by the end of January.

How do I fill out IRS 1099-C?

The creditor must provide information such as the name of the debtor, TIN (Taxpayer Identification Number), address, and date of the cancellation. The document must describe the debt, list the total the amount forgiven and provide a reasonable market value of the property in case real estate is involved.

For more information on form 1099-C and it’s relationship with 1099-A, check out the following video:

Where do I send IRS 1099-C?

Send one copy of the 1099-C to the IRS and copy B to the debtor and keep copy C with you.

So now you know how to get started, you can fill out and eSign your 1099-C with PDFfiller, and remember, “A man who pays his bills on time is soon forgotten.”  

-Oscar Wilde


Turn Your World Right Side Up with PDFfiller ‘Pages’ Tool

Have you ever received a PDF form where one of the pages was upside down? If that’s something that drives you crazy, never fear, PDFfiller has a ‘Pages’ tool that lets you correct the orientation of a document – or even a single page within a document. But that’s the least of  its capabilities…

The Pages tool is located on the left hand side of your Editor screen – it can open and close with the small arrow tab. When you open the Pages tool, you can preview thumbnails of each page of the document.   On the top of tool you’ll see two bars.  The lower bar allows you to change the order of  individual pages within the document, as well as rotate or delete them.  Pressing the restore button returns the document to its previous state.



In the upper bar, the arrow keys allow you to advance through pages individually while the double arrows  take you to the beginning or the end of the document.

The ‘Gear’ button is where things get really good.  When you click on the button, you will see a list of options including ‘Copy Fields’, which allows you to copy all the fields you edited on one page and paste them on subsequent pages with a single click.  That comes in real handy when you have to fill out forms – say the IRS W2 Form – in which you have to add the same information to multiple pages. You can also clear the information you added to one or all of the pages of the document.



So take a page out of PDFfiller‘s book, and take advantage of everything that the ‘Pages’ tool has to offer.  It can give you a whole new outlook on filling your forms!

PDFfiller and Google Docs: A Match Made in Heaven

Do you ever long for a more harmonious union…between your favorite software platforms? Don’t you think that document management would be easier if your favorite programs would just, you know, get along?  Well if you do, you are in luck.  There are actually four new ways that you can take advantage of the integration of Google Docs functionality into the PDFfiller platform, allowing you to use all the great tools that each program has to offer.  These four new points of integration include:

• The PDFfiller Google Chrome extension (you can read more about this here)
• ‘Edit with Google’ tool (within PDFfiller’s platform)
• The PDFfiller Google Drive App (an option under ‘Open With’ within Google Drive)
• The PDFfiller Google Docs Add-On (coming soon)

In this post we are going to concentrate on the second feature or the ‘Edit with Google’ tool which is found on the PDFfiller ‘My Forms’ page.  This is the tool you’ll use when you are working within PDFfiller and need to make use of the full word processing capacity of Google Docs.  To start with, the option to edit with Google will be accessible only when you have a doc file saved in My Forms in your PDFfiller account.  Once you have uploaded a doc to My Forms and the box next to it is checked, you’ll notice an Edit with Google icon becomes available.



When you click on that icon, it takes you to a window that has the full Google Docs word processing toolbar.  Using this toolbar you can make any text and formatting changes that you typically make when working with Google Docs.  Any changes that you make to the document while editing within Google Docs will automatically be saved to the document when you hit the orange ‘Done’ button and return to the ‘My Forms’ page within the PDFfiller.

While editing in Google Docs, you’ll also still have access to the PDFfiller export tools that you know and love.  Running along the top of the window, you’ll see a sign ‘Editing Document with Google Docs, and if you press the orange ‘Done’ button you’ll see the familiar PDFfiller icons which allow you to print the document you are working on, send it with pMail, fax, save it as a PDF, share it, use the SendtoSign function, or return to ‘My Forms’.


Editing with Google Docs


Get the best of both worlds and start taking advantage of the Google Doc’s word processing capacity without ever having to leave PDFfiller!  For more on how Google Docs integration allows for the creation of new PDF documents and signature workflows with existing documents in Google Drive, stay tuned for our next installment of A Match Made in Heaven.

DIY: Texas Final Decree of Divorce

When it comes to marriage, it’s not over until it’s over.  Or… until you have the Final Decree of Divorce in hand.

The Texas Final Decree of Divorce is the court’s formal order granting a termination of your marriage.  If your case has gone to trial and the judge has issued a judgment, this judgement is confirmed when the decree is signed and dated by the judge and court clerk.  However the Court’s endorsement of the Final Decree actually represents the last stage in a series of steps that make up the typical Texas divorce.

The first step is typically when one spouse obtains an Original Petition for Divorce.  After filling and making two copies (one for you and one for your spouse), the Clerk will stamp your paperwork and assign a case number and a judicial district. A copy then needs to be delivered to your spouse either in person or by certified mail for legal notice of your divorce filing.  After serving an original petition you will receive a Return of Service that must be filed with the District Clerk’s office.

Your spouse may respond to the Original Petition in one of two ways – ideally by signing a Waiver of Citation, which means that they waive all of their legal rights in the case and agree to the divorce and all related issues.  Alternately, they may file an Answer to Divorce that lets the court know they are actively participating in the case and do not want to waive their legal rights.  They may then file a Counter Petition that lays out their own claims against the individual filing for divorce.

In the case of a contested divorce, you and your spouse will most likely either have to seek legal counsel or go to a divorce mediator to arrive at some kind of an agreement.  It typically takes about six months to one year or longer to finalize a divorce, depending on the degree of conflict between  you and your spouse.

In the case of an uncontested divorce, when you have somehow managed to agree on terms including the issues of how to divide property and debts, the terms of spousal support, and the division of responsibilities regarding child custody, visitation, and support, you can fill out your own Final Decree for signature by the judge during your hearing.  If you fill the form in yourself, make sure you use the correct one – Texas Final Decree of Divorce no Children, or the Texas Final Decree of Divorce with Children.

One thing to keep in mind is that even if you haven’t retained a lawyer,  you might consider having your paperwork reviewed by one to make sure everything has been filled out correctly.  If your divorce can’t be finalized soon enough, get started filling out your Final Decree of Divorce with PDFfiller now.  For more on representing yourself in divorce, please see the Pro Se Divorce Handbook from the Texas Young Lawyers Association and the Texas State Bar.  And in the meantime, we wish you a very easy and speedy resolution!


New York Statement of Net Worth

Your net worth is the difference between your assets minus your debts.  A net worth statement is a financial snapshot that shows your financial wealth at a given point in time and provides a useful summary of your financial affairs.  PDFfiller can help you get started figuring out your net worth with the fillable New York Statement of Net Worth, DRL 236.

There are several important reasons for developing this kind of a financial profile.  Keeping such a statement from year to year can help you determine if you are accruing wealth over time or are living beyond your means.  A statement of net worth can indicate if you are prepared for any kind of a financial emergency, and may be useful in determining how much home insurance you may want to consider purchasing, or how you are doing with your retirement savings.

You may be also be required to fill out such a statement for applications such as a home or an auto loan, or in dealings with the New York Unified Court system.  Both spouses may be required to fill out a DRL 236 form for situations including disputes related to child support, alimony and other aspects of divorce.

To learn more about the process of filling in the New York Statement of Net Worth , check out this tutorial video, then click here to start filling out, saving, and submitting your own copy.