When are 1099-c sent to the IRS

[ilzhoefer]

Random question.

When a company issues a 1099-c, when is that sent to the IRS?

Is it done through out the year, just depending on the bank or is it done by January?

The reason I'm asking is I'm hoping for a 1099-c this year, but don't want to contact the bank in fear of deficiency suit since SOL are still valid.

Should I just wait and see or could I contact the IRS to see if they received a 1099-c for this current tax year?

Thank you.

[Anonymous]

January.

[Anonymous]

Typically, one has until Apr-15th of the following year to file and pay tax due. It's possible for a creditor to issue a 1099-C, then later rescind and continue collections. Very unlikely to occur, but could, if you choose to make contact and they believe the debt is still collectible.

Best to wait until well out of SOL before inquiring about a 1099-C, though not sure why'd want one, since it could result in owing tax; hassle to deal with. A creditor doesn't have to issue a 1099-C, and many don't.

[ilzhoefer]

Yes, I would not contact them until after the one year SOL is over. I have a 1099-a and I'm hoping for a 1099-c. I have nothing for them to collect on.
I just want to know if they are going to cancel the debt, but I won't contact them until the SOL are over.