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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I received a 1099c from a credit card company do I have to

Resolved Question:

I received a 1099c from a credit card company do I have to show it? I'm married but my w2's read single can I still file a joint return with my husband who's w2's also read single we forgot to change them.
Submitted: 7 years ago.
Category: Tax
Expert:  Merlo replied 7 years ago.
Hello hibbing,

When you have a debt that is forgiven or cancelled, the lender is required to send you a 1099-C form to report the amount of debt tht was cancelled. This is taxable income and must be reported.

As far as your filing status, if you are married and living together with your husband, then your only filing choices are to file a joint return or to file as married filing separate returns. You cannot choose to file as single.

The amount that you claim on your W-4 form for withholding purposes is strictly for informational purposes only to determine how much tax to withhold from your check, but it does not alter the way you actually file your tax returns.

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Thank you.
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