Does 1099-C "income" have to be reported on state tax?

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Apr 15, 2008, 01:50 PM

pbgv2317

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Join Date: Apr 2008

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Does 1099-C "income" have to be reported on state tax?

I'm probably being wildly optimistic here, but does the "income" from cancellation of debt reported to the IRS on the 1099-C have to be reported as income for state income taxes? I'm having trouble finding a clear answer. I live in NJ.
Thanks,
Jennifer

Answers

Apr 15, 2008, 10:10 PM	#2

MukatA Tax Expert Join Date: Nov 2007 Location: CA Posts: 2,048	Yes, you must include the canceled amount in your income for both the federal return and the state return. On federal return report the canceled amount on Form 1040, line 21 (Other Income).

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