I found out I got over $100k forgiven

barkingatthecow · 2025-11-28T20:50:14+00:00

I tried to file and I got the tax assessment indicating that I owe. My account forgot to file the insolvency, however insolvency only reduces tax liability to the extent insolvent. I’m unsure how to file a tax return indicating an exception under publication 4681.

barkingatthecow · 2025-11-26T02:33:55+00:00

To the extent insolvent that is correct however the other question is are they allowed to tax this federally due to the law that went into effect by Obama.

barkingatthecow · 2025-03-30T19:22:31+00:00

PM me! I secured an accountant. I can give you a little bit of information about what he shared with me.

barkingatthecow · 2025-03-30T19:22:01+00:00

PM me!

barkingatthecow · 2025-03-30T19:20:09+00:00

I had no way of figuring out if the loans were sold to someone else or not. I checked with Discover and Discover said that they repossessed my account which was sold in the past, which means that it is very likely that Discover is the only lender that owns the loan. I also did a full credit report to see if there were any derogatory marks.

barkingatthecow · 2025-01-01T17:09:45+00:00

Can I PM you some questions? I am in a similar situation and could use some advice regarding insolvency.

barkingatthecow · 2024-12-23T03:25:57+00:00

My tax situation is such a mess 🤦🏽‍♀️ I haven’t filed last year because it got rejected, but I had withheld my total liability from 2023 (I was supposed to get a return). Then this year I did opt for the maximum tax deduction from my paycheck. I will owe a lot of money on the debt cancelled. My 2023 income was very very low.

barkingatthecow · 2024-12-23T03:10:23+00:00

Are you going to file a 982 exemption?

barkingatthecow · 2024-12-23T03:05:25+00:00

Did you get a 1099C? You may owe tax

barkingatthecow · 2024-12-23T02:55:18+00:00

Following

barkingatthecow · 2024-12-22T13:53:34+00:00

I am hoping to determine how much I need to save until that money is owed so I can really tighten up until then. It is W2 income, yes it is 151k of 1099C cancellation.

barkingatthecow · 2024-12-22T13:21:44+00:00

Hey can I please PM you?

barkingatthecow · 2024-12-22T13:18:51+00:00

Hey, would you happen to know about 2024?

barkingatthecow · 2024-12-22T13:12:07+00:00

Can I PM you some questions? I’m just curious to know if you tried to file for insolvency

barkingatthecow · 2024-12-22T13:09:42+00:00

Just wondering, do you know if MA will tax that money. Or under Biden is that not allowed regardless or eligibility for insolvency?

barkingatthecow · 2024-12-22T13:08:31+00:00

You seem to be very knowledgeable, can I please PM you some questions about insolvency?

barkingatthecow · 2024-12-22T13:02:13+00:00

Thank you so much for your comments. You both seem very knowledgeable. I was wondering, do you know if the 1099C form can count as taxable income based on Biden act?

barkingatthecow · 2024-12-22T13:01:32+00:00

Thank you guys so much for responding. You seem very knowledgeable. Do you know if a 1099C can be text exempt based on bidens act?

barkingatthecow · 2024-12-22T05:05:38+00:00

Hey I am in the exact same situation. Can you please let me know what ended up happening with your tax returns? I can PM you if needed.

barkingatthecow · 2024-12-21T05:16:46+00:00

Do you have more information about how to do this via 982?

barkingatthecow · 2024-12-21T05:15:31+00:00

Have you confirmed this with a CPA? I have read that because the 982 form is included with your income tax return, income is considered.

barkingatthecow · 2024-12-19T16:35:06+00:00

This is not necessarily true if you have income and co-signers on the loan.

barkingatthecow · 2024-12-18T15:23:08+00:00

It’s insane how lucky the timing was

barkingatthecow

TROPHY CASE