Free Tax Tips

Question: what is the effect of a 1099 tax form from a mortgage short sale in the state of california?

I am wondering about the impact on both federal and state taxes in the context of the current mortgage laws. does it count as income that you can be taxed on or does the current mortgage crisis bail out shenanigans protect one from it?

thanks!

Answer: A 1099C is treated as income to recipient.

If there is exception or exemption, then no 1099C is issued

A 1099A or 1099S have different results

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Question: i am using turbotax online and i need to do an amendment for a 1099-misc…?

turbo tax’s help is of NO help. it has yet to ask me for my non employment compensation that is reported on this 1099-misc. does anybody know what to do?

Answer: The 1099 income does NOT go on your return as other income if it’s non-employee compensation. You’ll need to fill out a schedule C or C-EZ, a schedule SE, and a form 1040.

If you’ve already filed for the year omitting this income, and have to amend, you’ll have to file the amendment by mail – can’t efile an amendment.

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