Legal Question in Social Security Law in California
I am 64 years old and I am on Social Security. I have a part time job which is equal to my annual SS.
I have to use a debt settlement company for my financial situation. I understand that any amount of debt that is not paid upon settlement, will be reported on a 1099-c form to the IRS. My question is this, will this 1099-c affect my SS payments, since it will put me over my SS payment total for the year?
Asked on 6/10/10, 3:40 pm
1 Answer from Attorneys
Stan Lockhart
Law Offices of Nations and Lockhart
Look at form IRS982, if you are insolvent it will exclude 1099C reported income.
Answered on 6/12/10, 7:37 pm