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You may receive a 1099 for any settlements that paid during any calendar year. Any settlement must be a savings of more than $600 for this to apply. If you so receive a 1090 for any settlements that are paid, you will want to speak to your attorney, CPA, financial advisor, or whomever does your taxes about IRS form 982. This form is called Reduction of Tax Attributes Due to Discharge of Indebtedness. This will assist in counteracting form 1090 if needed. |