TF5138-1, Laser 1099-C Copy B
- Item# TF5138
- Size: 8 1/2" x 11"
- Debtor Copy B
- Three forms per sheet
- For laser or inkjet printers
- Min. Order: 100
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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
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TF5138-1, Laser 1099-C Copy B
- Item# TF5138
- Size: 8 1/2" x 11"
- Debtor Copy B
- Three forms per sheet
- For laser or inkjet printers
- Min. Order: 100