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    karze70's Avatar
    karze70 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Oct 13, 2007, 06:12 AM
    1099-C Appears after tax return
    I filed my 2005 taxes, received my return, NOW I receive a letter from the IRS advising that I owe money for an undeclared 1099-C. This 1099C "income" raised my earned income and now I owe the IRS money. I was not aware that when you settle a dept the unpaid portion needs to be declared... how can I avoid this? I'm a single parent, and the children's tax refund now needs to be returned to the IRS because of this.
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Oct 13, 2007, 06:36 AM
    Hello karze:

    The IRS is just like any collection agency (well not ANY). They can be negotiated with. I would do that.

    excon
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #3

    Oct 13, 2007, 06:13 PM
    You need to amend your return if the IRS has not already done it for you.

    If you owe money, the IRS WILL let you set up a payment plan.
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