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Future of professionals report 2025
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Screen MA1099C - Massachusetts Cancellation of Debt, Abandonment (1040)
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Overview
Information in this screen is transferred from the federal 1099C Screen. Enter any state-related law differences and details in this screen. UltraTax CS uses this information to calculate the amounts related to canceled debt that are reportable as Other Income or Rents received on Massachusetts Schedule C, Schedule E, or Schedule X, or on the Massachusetts versions of federal Schedule F or federal Form 4835.
Cancellation of Debt
Exclude 100% of canceled debt from income
Massachusetts allows exclusion of debt in certain circumstances. See TIR 09-21, Section II, Provisions that Decouple from Federal Tax Law Changes in ARRA for details:
http://www.mass.gov/dor/businesses/help-and-resources/legal-library/tirs/tirs-by-years/2009-releases/tir-09-21-certain-personal-income-tax-and.html