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I received a letter from my bank saying they had over

Customer Question
I received a letter...

I received a letter from my bank saying they had over charged me on my previously reported 2015 1099-C form, cancellation of Debt. The reported amount was corrected from $19,497.31 to $14151.19. This was reported by them to the IRS.

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I don't know what I'm suppose to do to correct the debt I was charged.

Submitted: 27 days ago.Category: Tax
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Answered in 4 hours by:
3/27/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 27 days ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,613
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 27 days ago

When you filed your 2015 return, did you include the 1099C amount as income or were you able to exclude it? You would have used the form 982 if you excluded.

You would complete a form 1040X and amend your 2015 return to show the correction of the debt amount.

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Satisfied Customers: 17,613
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