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After my girlfriend fills out the correct form for the

forgiveness of debt, does she...
After my girlfriend fills out the correct form for the forgiveness of debt, does she also have to fill out the standard 1040 form? She has been on SSI disability for 8 years and she hasnt had to file any returns before.
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Answered in 1 hour by:
3/8/2018
James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 717
Experience: 24 years of continuing education and experience.
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Hi, by name is ***** ***** welcome to Just Answer.

If your girlfriend has "cancellation of debt" income, reported to her on form 1099-C, but no other income, then it will depend on the amount that is forgiven. Social Security disability income benefits are taxed in the same manner as regular Social Security pension benefits. You can make a certain amount of money before any part of the benefit becomes taxable. If your girlfriend is a single filer, she can have up to $25,000 of income before her disability benefits start to become taxable. The bot***** *****ne is that she will not have to file a tax return unless her adjusted gross income exceeds the combined value of her personal exemption ($4,050) and her standard deduction ($6,350). Those disability benefits are not included in her adjusted gross income unless her other taxable income exceeds $25,000. Generally, if her income is between $25,000 and $34000, 50% of her benefits would be taxable. If her income exceeded $34,000, then 85% of her benefits would be taxable.

But if all of that taxable income still did not add up to more than $10,400, she would not be required to file a tax return.

I hope that answered your question. If so, please don't forget to rate this answer. You can always return here with follow up questions on this topic at no additional charge. Thank you for using Just Answer!

James Daloisio
James Daloisio, Tax Attorney
Category: Tax
Satisfied Customers: 717
Experience: 24 years of continuing education and experience.
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