How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Chad Oberg Your Own Question
Chad Oberg
Chad Oberg, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 174
Experience:  10 + years of accounting and tax experience, financial statements and business planning
Type Your Tax Question Here...
Chad Oberg is online now
A new question is answered every 9 seconds

What happens if I dont report the amounts shown on a 1099-R

This answer was rated:

What happens if I don't report the amounts shown on a 1099-R and a 1099-C for the year it took place?



You will receive a notice of assessment from the IRS indicating you owe taxes on the forgiveness of debt and the 1099-R retirement income.


In regards to the 1099-C. You will be better off to go through the steps of filing out IRS Form 982 and presenting that you were insolvent (if possible) right before the property was lost.


Also, look at the following attached website:


IRS Form 982,,id=179414,00.html




IRS Publication 4681


The process is complicated; however, it will help protect you from the tax. You may want to get a qualified CPA to help you through the process.


If you have any further questions, please do not hesitate to contact me.





Chad Oberg and 2 other Tax Specialists are ready to help you
Customer: replied 7 years ago.
Thank you for letting me know that I'll receive a notice instead of the IRS just collecting on the income, which they eventually will.



If you can try to not get the notice even if you have to amend your 2009 tax return if already filed.