1099 Help

[msdraglox]

So I just received a 1099C from Macys on a debt that I dispute is mine, I don't know what to do. The debt was charged off back in 2005 per my credit report. I disputed this debt with Macys towards the end of 2009 and I guess I woke up a sleeping dragon because now I got this 1099. My question is I already filed my taxes!!! what to do???

[newstart2010]

Is it from Macys or a collection agency?

[msdraglox]

Its from Macys

[daisyduke]

Did you submit your taxes to the IRS already (ie mail them or electronically)? 

Sounds like Macy's wrote off your account and you got the 1099C because they will count it as income. Good news is that I highly doubt you will be in the next tax bracket with a Macy's 1099C.

I don't work for the IRS but I do know that you want to give them all of the information, even if it will make no difference to the bottom line.

If it is too late and you mailed or filed electronically, call the IRS and tell them that you need to add the 1099.   Here's a good number: Telephone Assistance for Individuals:
Toll-Free, 1-800-829-1040 
Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).

If you don't include the 1099, they will find you, maybe not immediately and for many years, they will look at your files and possibly put you on a watch list. YMMV, but that's my experience....

[msdraglox]

Yeah I already e-filed because I am a poor college student so my income is close to $0....lol but I will call them and see if they want me to amend my return. I didnt think they could write me off now if they already charged the account off years ago.

[newstart2010]

---

@msdraglox wrote:
Yeah I already e-filed because I am a poor college student so my income is close to $0....lol but I will call them and see if they want me to amend my return. I didnt think they could write me off now if they already charged the account off years ago.

---

If your income is almost zero than you are insolvent and it does not matter.