So just got down to doing my taxes, and noticed the amount of debt discharged on this 1099-c for my old house. This isn't going to be fun.
Doing taxes...1099-C awww crap...
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Beernik
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Good luck!
I'm still waiting on my wife to give me documentation of all her income. She's promised it to me this weekend.
The ridiculous thing I found out this year: children who earn 1099-MISC income are treated different than children who earn W-2 income. My daughter does a little modeling and if she makes more than $600 in a year, the agency generates a 1099-MISC, and she has to file taxes. There is no lower limit on what has to be filed like a W-2 dependent income ($5,950).
So my 7-year old has to file taxes. She doesn't owe anything because her income is too low. She doesn't get anything back because nothing is withheld. It's just a paperwork exercise I get to do on her behalf every spring.
Oh, and for fun I can itemize any clothes I buy for her for one of her jobs.
I'm still waiting on my wife to give me documentation of all her income. She's promised it to me this weekend.
The ridiculous thing I found out this year: children who earn 1099-MISC income are treated different than children who earn W-2 income. My daughter does a little modeling and if she makes more than $600 in a year, the agency generates a 1099-MISC, and she has to file taxes. There is no lower limit on what has to be filed like a W-2 dependent income ($5,950).
So my 7-year old has to file taxes. She doesn't owe anything because her income is too low. She doesn't get anything back because nothing is withheld. It's just a paperwork exercise I get to do on her behalf every spring.
Oh, and for fun I can itemize any clothes I buy for her for one of her jobs.
Lucky me, I didn't have to pay tax on it. My return went to me owing over $40k for a moment in turbotax!
Oh wow that does sound like an unnecessary pita.
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