Paper Filing Due Date: To Recipient January 31st.

Use to Report: Cancellation of a debt owed to a financial institution, the Federal Government, a credit union, FDIC, a military department, the U.S. Postal Service or any organization having a significant trade or business of lending money. 

The IRS rules that if a  creditor cancels a debt that does not take any compensation from the debtor for the amount due, he or she shall dile a report with the IRS center. The idea behind this is that a cancellation of debt is deemed income of the debtor and all such incomes must be reported to the IRS and a copy sent to the debtor. The Copy B of the report in 1099-C tax form is for the debtor's information for inclusion in the income tax return. 

Amounts to report: $600 or more. 

Don't forget the compatible envelopes: TF22222​