- This topic has 4 replies, 1 voice, and was last updated 7 years ago by .
-
-
Greetings all. Just wanted some opinions. Filed 2/2, PATH, and WMR been at 1 bar ever since. But around 2/4 checked on transcripts and, of course, 2017 were not yet available. I did look at 2016 and noticed a 922 Code dated 2/20/18 for review of unreported income. I was baffled as to what it could be so I checked the income and expense transcript and say a 1099C was issued in May of 2016. This was for a car i owned over 15 years ago when I was just out of college that i was irresponsible with payments and that was repossessed. I had no idea that forgiven debt was taxable, but it makes sense. Issue is that the address the creditor had was very outdated and I never received this 1099, knew nothing of it until i checked transcripts on 2/4/18. I have been debating if i should file an amendment or not. Today I looked and my 2017 transcripts are now available. None of the 2017s show any mention of this 1099, however i do not have a refund date code listed , but again I am PATH. Also no code or anything indicating a letter was sent to me.
I was kind of surprised the 2017 transcripts do not reference this….could that mean it was deemed non-taxable or is it still too early to know? Want to get out in front of this if it will make the process smoother, but also scared doing so if it is not needed will cause more headaches/delays.
Thanks in advance and many happy returns!
- The forum ‘2018 Tax Season’ is closed to new topics and replies.