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Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification
You should wait for the actual 1099-c as the IRS will not have any evidence of the debt, until the 1099 is actually issued,
Also, be aware,
If you receive a Form 1099-C but the creditor is continuing to try to collect the debt then the debt has not been cancelled and you do not have taxable cancellation of debt income.
Citibank told me that the account has been settled and the company they hired to collect the debt has also told me that the debt was settled. So, I am not concerned about the continuation of the collection process. However, does this mean that when I finally get a 1099-c, sometime in the next three years, I will need to go back and file an amended 2011 tax return?
no, it would b canceld as of the date of the 1099c
so you would declare it at that time
Makes sense. Thanks for you time and expertise.