My bankruptcy was finalized January 2019. Can I include the 1099C form on my taxes next year 2021 instead of this year 2020? ?
Just to reiterate. I filed bankruptcy Ch 7 October 2018. It was finalized 3 months later January 2019. So this year 2020 taxes I have to file a 1099 C. I was wondering can I file the 1099 C on my 2021 taxes next year? Instead of this year 2020. The reason being I want to get my whole 5k this year, I don’t care if they take it next year. I was told you have up to 3 years to file taxes, but I’m unsure if this was misinformation?
- SlickterpLv 72 months ago
No, you cannot. It must be filed with the year it came in, which is 2019. You cannot just pick and choose what works best for you.
You have up to 3 years to collect a refund that is due. You must file taxes each year.
- Max HooplaLv 72 months ago
If the debt was discharged in your bankruptcy then it is not included in income in any year. See the instructions for Form 982. You probably should not prepare your own return this year.
- StephenWeinsteinLv 72 months ago
No. You don't get to decide which year to file them.
What you very badly misheard was that if you don't file anything for a year, then you can file it later, up to 3 years from the original due date.
But whenever you file the taxes that are supposed to be filed now (which, by the way, are called your 2019 taxes) you must include the 1099-C. If you don't file it now, then you don't get the whole 5K this year, because you don't get anything this year. You can't claim it until you file the 1099-C.
Even if you wait until next year, it still has to come out of what you were supposed to get now, not what you were supposed to get next year.
And the taxes that are supposed to be filed next year are your 2020 taxes. The taxes that are supposed to be filed each year are the taxes for the previous year.
- JudyLv 73 months ago
No, must be filed with the taxes for the year on the form. The three years is the limit to file and still get your refund, but all forms must be filed for the year they're issued for.
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- ShayLv 73 months ago
You can take UP TO three years to file a return IF you will be able to claim a refund - but that would mean you FILE NOTHING this year and wait UP TO three years to file for EVERYTHING that applies to this year. If you will OWE more taxes, you can't wait three years to file the return without being charged penalties.
You must include all documents ON THE YEAR that they HAPPEN IN.
So - no - you can't skip the 1099C form. It needs to be included with all other documents and income for THIS tax season.
You can't pick just one part of your documents to "save" for a different tax year. It was not part of next tax year. It is a part of this tax year.
- STEVEN FLv 73 months ago
NO. You can't choose which year to declared anything for US Federal income tax purposes.
The 3 years is how long before any refund you could have claimed is FORFEIT on the grounds on not being claimed. It has NOTHING to do with what tax year any item applies to.
- Wayne ZLv 73 months ago
1) The income must be included in the year on the form. If it is a 2019 1099C, it must be included on your 2019 tax return (filed in 2020).
2) There is a 3 year statute of limitations on claiming a refund. Some people believe that this means that you can pick and choose one of three years to claim income. This is completely untrue.
3) Debt discharged in bankruptcy is not considered income. See Box 1a on Form 982.
I am not sure why you would get a 1099C if this debt was included in the bankruptcy.