TomnTex

1099-C INFO FROM ABC NEWS

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With the new year we find that the Government is once again chainging things. Starting in 2013, creditors are now required to place a reason code on the 1099C, explaining why the debt has been discharged. This was optional in previous years. But, now it must be selected.

Depending on the code entered, the OC may give up rights to collect the debt.

The reason codes are:

A—Bankruptcy;
B—Other judicial debt relief;
C—Statute of limitations or expiration of deficiency period;
D—Foreclosure election;
E—Debt relief from probate or similar proceeding;
F—By agreement;
G—Decision or policy to discontinue collection;
H—Expiration of nonpayment testing period; or
I—Other actual discharge before identifiable event
event.
 
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With all the above information being complicated, should I be concerned that a JDB might send a 1099c, for an old debt purchased in 2002?  The SOL expired in 2006 and I have gotten random collection notices since 2002 from many different collectors. I think the old debt has been passed around and renamed so much I can't even tell if it was really mine.

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