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#304805 - 01/18/05 05:13 PM 1099-c Question
KYAuditor Offline
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Joined: Jan 2003
Posts: 138
I am reviewing 1099-c for a customer who had two loans and a DDA account charged off. Each of the two loans were above the $600 filing threshold and the DDA account was less than $600.

The instructions state that you should not aggregate debt to determine whether you meet the $600 reporting requirement. Since I already meet the requirement on each of the two loans, can I also include the DDA charge off?

I'm thinking that the answer is yes--just looking for a consensus.
Just my 2 cents worth--for what its worth!!

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General Discussion
#304806 - 01/18/05 08:04 PM Re: 1099-c Question
beaconpaul Offline
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Joined: May 2004
Posts: 218
My personal opinion, it is less than $600, I did NOT report it. I just finished my reporting last week, I skipped reporting accounts less than $600. Even if there were other accounts over $600. It is very vague so I erred on the side of caution. That is what I did, just my opinion.
Luck is the collision of opportunity and preparation.

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#304807 - 01/18/05 09:53 PM Re: 1099-c Question
Sinatra Fan Offline
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Joined: Jul 2002
Posts: 5,568
New Jersey
You may report amounts under $600. You must report amounts of $600 or more.
Management is doing things right; leadership is doing the right things. Peter Drucker

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