Please Help - 1099a and Chap 7 Coming April 8

[ursaminor]

Really need help, please.

We had our taxes ready to go (we do it with an online company we like) then received a 1099a. Because we are going through Chapter 7 (our 341 is April 8, 2011) we didn't think it would impact anything with our usual taxes. It was in the "to do" pile. Today I revised our taxes online, inputting the 1099a, and it bumped us up to owing over $500.

The April 15th deadline for tax filing is coming up and I am certain, from what I read about Chap 7, that we don't truly owe anything. What do we do? File an extension through the discharge date? Feeling not that intelligent at the moment and need your support.

Thank you!

[Charlie777]

What's a 1099a? 1099c is for foregiveness of debt, File form 982 to exempt the forgiveness of debt, because if you are in Chapter 7 you were almost certainly insolvent at 12/31/2010.

[ursaminor]

A 1099a determines taxable gain or loss whereas 1099c is cancellation of debt. There is great info on the forum about 1099a BUT IT TALKS ABOUT AFTER DISCHARGE...not one month before tax time, 3 weeks before the 341, etc. That is our specific question - how to handle 1099a and results on 2010 taxes when it is plugged in, prior to 341 and discharge of Chap 7

[ursaminor]

Hi Everyone...Anyone Have Any Help To Share? Thanks!