I am very new to this Forum so here goes. I recently had my Student Loans discharge as of July 2012. I did not know they were going to issue me a 1099-C for the whole amount and interest that was forgiven . I thought this would occur after the 3 year monitoring period. Here are my questions below hopefully someone will be able to answer me?
If you fill out IRS Form 982 and you are insolvent, does this release you from paying taxes on the 1099-C (student Loan).
On the 982 form do you fill out what is owed on the date of the discharge which was July 3 2012?
Or do you fill out the form according to the year of 2012?
I had to leave my employer because of illness in 2010 and now receive a disability retirement income (very small) and SSDI I am also losing my home. So of course I can not afford to owe the IRS I just do not have the income. Any help with be appreciated.