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Instructions for Forms 1099-A and 1099-C - Introductory Material

Table of Contents

What's New

Form 1099-C revised.   Boxes 1, 2, and 3 have been repositioned and box 4 has been enlarged and named “Debt description.” A new box 5 is used to indicate whether the borrower was personally liable for repayment of the debt.

Creditor's phone number.

A central phone number must be indicated in the Creditor's information box on Form 1099-C for use by debtors who will receive the form. The phone number must allow the debtor to reach a person having knowledge of the canceled debt.

Change of reporting entities.   The number of entities who must report cancellation of debt after the expiration of the nonpayment testing period has been reduced. See Who Must File and When is a Debt Canceled in the Specific Instructions for Form 1099-C.

Reminder

In addition to these specific instructions, you should also use the 2009 General Instructions for Forms 1099, 1098, 3921, 3922, 5498, and W-2G. Those general instructions include information about the following topics.

  • Backup withholding.

  • Electronic reporting requirements.

  • Penalties.

  • Who must file (nominee/middleman).

  • When and where to file.

  • Taxpayer identification numbers.

  • Statements to recipients.

  • Corrected and void returns.

  • Other general topics.

You can get the general instructions from the IRS website at www.irs.gov or by calling 1-800-TAX-FORM (1-800-829-3676).

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