What happens if you don't present the 1099-C form while filing your taxes
What I think you are asking is what happens if the income reported on 1099-C is not included on the tax return that you file? The answer is that the number won't match up at IRS and they will send you a letter saying that you owe additional tax. If your return has not yet been filed, then give the 1099-C to your preparer and ask him/her to include this information in your return. If your return has already been filed, wait until it has been processed and then file an amended return including the 1099-C. You may not have to pay additional tax on the 1099-C income, as there are a number of exceptions and you might fall into one --- but you do need to include this in the tax return that you file.
Ms. Willi is a tax attorney, CPA, and Ohio-Certified Specialist in Estate Planning, Trust & Probate Law, with offices in Westerville, Ohio. She serves client families and private business owners throughout Ohio. Ms. Willi responds to Avvo questions as a public service to help educate and provide general guidance to questioners, but her responses are not legal advice and do not create an attorney-client relationship. Her posts are provided for informational purposes only and are not a substitute for advice provided by an attorney or licensed tax professional. Her phone number is 614-890-0500 and her website is www.willilaw.com.
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