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Hello and thank you for using Just Answer,Generally when a student loan is cancelled and the exception applies the 1099C is not sent and no Form 982 is required. I am checking now to see if you are supposed to actually file the Form 982 or is anothe rIRS procedure applies.
There is not a procedure to use the 982 when the student loan was involved and you are excluded from including it as income. You would need to keep your documentation that shows the agreement for your work in exchange for repayment and attach a statement to your return that explains why you were not required to include the cancelled amount.
Keep a copy of all for your records should the IRS ask about it in the next three years.
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I guess I somewhat unsure why I received the 1099C. As far as I can determine the loan meets the 3 requirements to be an exception. Any way I can confirm this?
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You would need to contact the Iowa Student Loan Liquidation Corp
They do have the programs but only they could tell you if yours was an approved one.
They may have sent the 1099C by mistake
I accessed their site but only general info available
I would not be able to see which program they used for your service specifically.
okay... I will follow up with them to clarify. There was no specific action taken by me recently to request the loan forgiveness so to be honest I was quite surprised when I received the 1099C.
Yes, you need to contact them directly. If you were not in the program and had not applied then the 1099C may be a big mistake.
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