I recieved a 1099c form from a credit card company for a settled credit card debt. The amount is for $10,000. I only make $31,000 per year. will I end up owing on taxes due to being in a different tax bracket?will the debt finally be gone?
Sounds like your debt to the credit card is gone, but you're going to pay tax on the forgiven debt.
use Turbo Tax for free and see where you are. It will ask you to put in the 1099c information.
Unless you paid some estimated taxes, you might also get a penalty for not paying enough taxes. but, try turbo tax.
The 1099C should have a "taxible" amount field on it.
This counts as a windfall.
You only pay some tax on the $10,000.
The debt is gone though.
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RT RT A quality #education shouldn't hinge on ZIP code, tax bracket or skin color. powerful speech
You say that like you've met a lot of folks in that tax bracket. My peasant instinct is to yell "*GET HIM!*" Your elbows have rubbed elbow patches probably worth more than my beater of a car.
That kinda negates the whole point of bitcoin which is to remove intermediaries from the transaction process. Just develop a bitcoin client for android, theres a huge bounty for it (1700 BTC), would be easier than setting up a debit/credit card company and become a bitcoin fiat currency trader.
Although I have found when dealing with the cell phone or credit card company, the firmer you are, the faster you actually DO get to the person with power…
Sucks to be you! I don't even qualify for a tax bracket, haha!
OP doesn't say they are, but I'd bet 95% are in the top tax bracket.
I'd like to see samples of the rates and terms of these student loans and credit card debt. What are the monthly payments for typical levels of debt, terms, and rates? What percentage of a young worker's income is going to paying off these debts and interest?
Too late....i bought them similar time as you did...and while I paid through paypal so im going through the paypal way now which is pain in the bum and I wish I know how to cancel the payment by contacting credit card company earlier so dont have to do the paypal claim thing. and money loss on the postage. FFFFFFFFFFFFFFUUUUUUUUUU
It's actually against credit card company rules to offer discounts for cash or debit... No idea why you'd be charged more....