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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » I filed my taxes, expecting a refund. In meantime received 1099C and am filing 1040X will this delay my refund

I filed my taxes, expecting a refund. In meantime received 1099C and am filing 1040X will this delay my refund

which turbo tax said I should have in a week or two. The 1099 C will not change my refund because I am claiming insolvency and do not have to change income.

Will this change my chances of being audited?


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3 Responses to "I filed my taxes, expecting a refund. In meantime received 1099C and am filing 1040X will this delay my refund"

  1. roynburton says:
    For God’s sake man, just file the 1040X and then you needn’t add this worry to the others you have. Alternately, it need not ruin the relief you feel from those worries.
  2. ICG says:
    I’m confused.

    You said you have filed it, but in the meantime you are filing… which is it?

  3. Cat says:
    You filed an inaccurate tax return. You will need to file the amended return, and show the amount that you owe due to the difference.

    You will not “change income” to merely correct an error. Your income was what it was – you just underreported it the first time.

    And if you don’t file the 1040X (amended return) to fix the problem – trust me that the IRS will get their copy of that 1099, and when your return doesn’t match what they were given, they will send you an nice letter. Well, maybe a not-so-nice letter.

    Edited to say:

    Dang, I need to drink more coffee before I read questions. I completely didn’t register the “C” in your 1099-C. If the debt was discharged (they debt in the 1099C) due to your bankruptcy…then no, it will not be added into your income. Looks like they’ll want to see form 982 – which explains why it’s not taxable. Because the IRS moves slowly – I doubt this will affect your coming refund. And if this trips them up later, it should be fixable with that form. You might want to do and amended return, with the 982 explaining the exclusion – just to head them off at the pass should someone at the IRS stumble upon the 1099C in your name (and maybe they didn’t have their coffee yet, either).

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