Filing Your Taxes Online is Fast, Easy and Secure.
Start now and receive your tax refund in as little as 7 days.

1. Get Answers

Your online questions are customized to your unique tax situation.

2. Maximize your Refund

Find tax credits for everything from school tuition to buying a hybri

3. E-File for FREE

E-file free with direct deposit to get your refund in as few as 7 days.

Filing your taxes with paper mail can be difficult and it could take weeks for your refund to arrive. IRS e-file is easy, fast and secure. There is no paperwork going to the IRS so tax refunds can be processed in as little as 7 days with direct deposit. As you prepare your taxes online, you can see your tax refund in real time.

FREE audit support and representation from an enrolled agent – NEW and only from H&R Block

Filing Taxes As A Student

E File State Tax Only For Free2012 E File Tax ReturnAarp Tax AideIrs Form 1040 Ez 20131040ez 2012 Form2010 Electronic Tax Filing1040x Amended Tax FormFree E File Federal And State TaxesHow Do I File 2011 Taxes Now2009 Tax ReturnMilitary Taxes By StateFree Tax FormsFederal 1040xDo I Need To File Taxes If I Was Unemployed1040ez 2012 WorksheetFederal 1040ezFile 1040ez FreeTax Returns For StudentsTaxact 1040xTurbotax Premier Federal E File State 2012Filing Your State Taxes FreeWhere To File State TaxesHow Do I File Taxes For 2012Free E-file 1040ezState Tax FilingCan You Amend A Tax Return OnlineEfile 7004 Tax ExtensionFree Internet Tax FilingForm 1040ez InstructionsWhere To File Federal Tax Return 2011H&r Block Free Tax PrepHow Do I File A 2010 Tax ReturnCan I File My 2012 Taxes OnlineAmended Tax Return More:label_amended_20tax_20return More:bizfinanceAmending 2012 Federal Tax Return1040ez Instructions 2012Free Efile TaxesIncome Tax 1040ezE-file State Taxes Only1040ez File

Filing Taxes As A Student

Filing taxes as a student Index Symbols 401(k) Plan Elective Deferrals, Elective Deferrals (401(k) Plans) Safe harbor, Safe harbor 401(k) plan. Filing taxes as a student A Annual additions, Annual additions. Filing taxes as a student Annual benefits, Annual benefits. Filing taxes as a student Assistance (see Tax help) Automatic Enrollment, Automatic Enrollment B Business, definition, Business. Filing taxes as a student C Common-law employee, Common-law employee. Filing taxes as a student Compensation, Compensation. Filing taxes as a student Contribution Defined, Contribution. Filing taxes as a student Limits Qualified plans, Limits on Contributions and Benefits SEP-IRAs, Contribution Limits SIMPLE IRA plan, Contribution Limits D Deduction Defined, SIMPLE plans. Filing taxes as a student , Deduction. Filing taxes as a student Deduction worksheet for self-employed, Figuring your deduction. Filing taxes as a student Defined benefit plan Deduction limits, Defined benefit plans. Filing taxes as a student Limits on contributions, Defined benefit plan. Filing taxes as a student Defined contribution plan Automatic Enrollment, Automatic Enrollment Deduction limits, Defined contribution plans. Filing taxes as a student Eligible automatic contribution arrangement, Eligible automatic contribution arrangement. Filing taxes as a student Forfeitures, Forfeiture. Filing taxes as a student Limits on contributions, Defined contribution plan. Filing taxes as a student Money purchase pension plan, Money purchase pension plan. Filing taxes as a student Profit-sharing plan, Profit-sharing plan. Filing taxes as a student Qualified automatic contribution arrangement, Qualified automatic contribution arrangement. Filing taxes as a student Definitions you need to know, Definitions You Need To Know Disqualified person, Prohibited Transactions Distributions (withdrawals), Distributions (Withdrawals) E EACA, Eligible automatic contribution arrangement. Filing taxes as a student Earned income, Earned income. Filing taxes as a student Eligible automatic contribution arrangement, Eligible automatic contribution arrangement. Filing taxes as a student Employees Eligible, Eligible employee. Filing taxes as a student Excludable, Excludable employees. Filing taxes as a student Highly compensated, Highly compensated employee. Filing taxes as a student Leased, Leased employee. Filing taxes as a student Employer Defined, Employer. Filing taxes as a student Excess Deferrals, Treatment of Excess Deferrals Excise tax, Excise Tax on Reversion of Plan Assets Nondeductible (excess) contributions, Excise Tax for Nondeductible (Excess) Contributions Reduced benefit accrual, Notification of Significant Benefit Accrual Reduction SEP excess contributions, Excise tax. Filing taxes as a student Excludable employees, Excludable employees. Filing taxes as a student F Form 1040, Where To Deduct Contributions, Reporting the tax. Filing taxes as a student 1099-R, Reporting corrective distributions on Form 1099-R. Filing taxes as a student 5304–SIMPLE, How To Set Up a SIMPLE IRA Plan 5305–S, Setting up a SIMPLE IRA. Filing taxes as a student 5305–SA, Setting up a SIMPLE IRA. Filing taxes as a student 5305–SEP, Formal written agreement. Filing taxes as a student 5305–SIMPLE, How To Set Up a SIMPLE IRA Plan 5310, Form 5310. Filing taxes as a student 5329, Reporting the tax. Filing taxes as a student 5330, Reporting the tax. Filing taxes as a student , Tax on excess contributions of highly compensated employees. Filing taxes as a student , Excise Tax on Reversion of Plan Assets, Payment of the 15% tax. Filing taxes as a student 5500, Form 5500. Filing taxes as a student , Electronic filing of Forms 5500 and 5500-SF. Filing taxes as a student 5500-EZ, Form 5500-EZ. Filing taxes as a student Form W-2, Reporting on Form W-2. Filing taxes as a student Schedule K (Form 1065), Where To Deduct Contributions Free tax services, Free help with your return. Filing taxes as a student H Highly compensated employee, Highly compensated employee. Filing taxes as a student K Keogh plans (see Qualified plans) L Leased employee, Leased employee. Filing taxes as a student N Net earnings from self-employment, Net earnings from self-employment. Filing taxes as a student Notification requirements, Notification Requirement P Participant, definition, Participant. Filing taxes as a student Participation, Participation. Filing taxes as a student Partner, definition, Partner. Filing taxes as a student Publications (see Tax help) Q QACA, Qualified automatic contribution arrangement. Filing taxes as a student Qualified automatic contribution arrangement, Qualified automatic contribution arrangement. Filing taxes as a student Qualified Plan, definition, Qualified plan. Filing taxes as a student Qualified plans, Limits on Contributions and Benefits Assignment of benefits, Benefits must not be assigned or alienated. Filing taxes as a student Benefits starting date, Benefit payment must begin when required. Filing taxes as a student Contributions, Contributions, Employer Contributions, Limits on Contributions and Benefits, When Contributions Are Considered Made, Where To Deduct Contributions Deduction limits, Deduction Limits, Defined contribution plans. Filing taxes as a student , Defined benefit plans. Filing taxes as a student , Deduction Limit for Self-Employed Individuals, Carryover of Excess Contributions, Excise Tax for Nondeductible (Excess) Contributions Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Deductions, Employer Deduction Deferrals, Treatment of contributions. Filing taxes as a student , Reporting on Form W-2. Filing taxes as a student Defined benefit plan, Defined Benefit Plan Defined contribution plan, Defined Contribution Plan Distributions, Distributions Minimum, Required Distributions Required beginning date, Required beginning date. Filing taxes as a student Rollover, Rollover. Filing taxes as a student Tax on excess benefits, Tax on Excess Benefits Tax on premature, Tax on Early Distributions Tax treatment, Tax Treatment of Distributions Elective Deferrals, Elective Deferrals (401(k) Plans) Limits, Limit on Elective Deferrals Employee nondeductible contributions, Employee Contributions Excess Deferrals, Treatment of Excess Deferrals Investing plan assets, Investing Plan Assets Kinds of plans, Kinds of Plans Leased employees, Leased employee. Filing taxes as a student Minimum requirements Coverage, Minimum coverage requirement must be met. Filing taxes as a student Funding, Minimum Funding Requirement Vesting, Minimum vesting standard must be met. Filing taxes as a student Prohibited transactions, Prohibited Transactions Qualification rules, Qualification Rules Rate Table for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Reporting requirements, Reporting Requirements Setting up, Setting Up a Qualified Plan Qualified Plans Survivor benefits, Survivor benefits. Filing taxes as a student Qualified Roth Contribution Program, Qualified Roth Contribution Program R Rate Table for Self-Employed, Rate table for self-employed. Filing taxes as a student Rate Worksheet for Self-Employed, Rate worksheet for self-employed. Filing taxes as a student Required distributions, Required Distributions Rollovers, Rollover. Filing taxes as a student S Safe harbor 401(k) plan, Safe harbor 401(k) plan. Filing taxes as a student Salary reduction arrangement, Deferral percentage. Filing taxes as a student , Limit on Elective Deferrals Salary Reduction Simplified Employee Pension(SARSEP), Salary Reduction Simplified Employee Pensions (SARSEPs) SARSEP ADP test, SARSEP ADP test. Filing taxes as a student Section 402(f) notice, Section 402(f) Notice. Filing taxes as a student Self-employed individual, Self-employed individual. Filing taxes as a student SEP plans Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Table for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Reporting and Disclosure, Reporting and Disclosure Requirements SEP-IRAs Contributions, Contributions for yourself. Filing taxes as a student Deductible contributions, Deducting Contributions, Excise tax. Filing taxes as a student Carryover of excess contributions, Carryover of Excess SEP Contributions Deduction limits, Deduction Limit for Contributions for Participants Limits for self-employed, Deduction Limit for Self-Employed Individuals When to deduct, When To Deduct Contributions Where to deduct, Where To Deduct Contributions Distributions (withdrawals), Distributions (Withdrawals) Eligible employee, Eligible employee. Filing taxes as a student Excludable employees, Excludable employees. Filing taxes as a student SIMPLE IRA plan Compensation, Compensation. Filing taxes as a student Contributions, Contribution Limits Deductions, Nonelective contributions. Filing taxes as a student Distributions(withdrawals), Distributions (Withdrawals) Employee election period, Election period. Filing taxes as a student Employer matching contributions, Employer matching contributions. Filing taxes as a student Excludable employees, Excludable employees. Filing taxes as a student Notification requirements, Notification Requirement When to deduct contributions, When To Deduct Contributions SIMPLE plans, Who Can Set Up a SIMPLE IRA Plan?, Reporting on Form W-2. Filing taxes as a student SIMPLE 401(k), SIMPLE 401(k) Plan SIMPLE IRA plan, SIMPLE IRA Plan Simplified employee pension (SEP), Salary Reduction Simplified Employee Pensions (SARSEPs) Salary reduction arrangement Compensation of self-employed individuals, Compensation of self-employed individuals. Filing taxes as a student Employee compensation, Employee compensation. Filing taxes as a student Who can have a SARSEP, Who can have a SARSEP? SEP-IRA contributions, How Much Can I Contribute? Setting up a SEP, Setting Up a SEP Sixty-day employee election period, Election period. Filing taxes as a student Sole proprietor, definition, Sole proprietor. Filing taxes as a student T Tax help, How To Get Tax Help U User fee, User fee. Filing taxes as a student W Worksheets Deduction Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Rate Worksheet for Self-Employed, Table and Worksheets for the Self-Employed Prev  Up     Home   More Online Publications
Español

Better Business Bureaus (BBBs) are nonprofit organizations that encourage honest advertising and selling practices and are supported primarily by local businesses. They offer a variety of consumer services, including consumer education materials; business reports, particularly unanswered or unsettled complaints or other problems; mediation and arbitration services; and information about charities and other organizations that are seeking public donations. They also provide ratings (A, B, C, D, or F) of local companies to express the BBB's confidence that the company operates in a trustworthy manner and demonstrates a willingness to resolve customer concerns.

Phoenix, AZ

Website: Better Business Bureau

Email: complaints@arizonabbb.org

Address: Better Business Bureau
4428 N. 12th St.
Phoenix, AZ 85014

Phone Number: 602-264-1721

Toll-free: 1-877-291-6222

Prescott, AZ

Website: Better Business Bureau

Email: yco-info@arizonabbb.org

Address: Better Business Bureau
1569 W. Gurley St.
Prescott, AZ 86305

Phone Number: 928-772-3410

Tucson, AZ

Website: Better Business Bureau

Address: Better Business Bureau
5151 E. Broadway Blvd., Suite 100
Tucson, AZ 85711

Phone Number: 520-888-5353

Yuma, AZ

Website: Better Business Bureau

Email: yuma-info@arizonabbb.org

Address: Better Business Bureau
350 W. 16th St., Suite 205
Yuma, AZ 85364

Phone Number: 928-772-3410

The Filing Taxes As A Student

Filing taxes as a student 1. Filing taxes as a student   Canceled Debts Table of Contents General RulesForm 1099-C Discounts and loan modifications Sales or other dispositions (such as foreclosures and repossessions) Abandonments Stockholder debt This chapter discusses the tax treatment of canceled debts. Filing taxes as a student General Rules Generally, if a debt for which you are personally liable is forgiven or discharged for less than the full amount owed, the debt is considered canceled in whatever amount it remained unpaid. Filing taxes as a student There are exceptions to this rule, discussed under Exceptions , later. Filing taxes as a student Generally, you must include the canceled debt in your income. Filing taxes as a student However, you may be able to exclude the canceled debt. Filing taxes as a student See Exclusions , later. Filing taxes as a student Example. Filing taxes as a student John owed $1,000 to Mary. Filing taxes as a student Mary agreed to accept and John paid $400 in satisfaction of the entire debt. Filing taxes as a student John has canceled debt of $600. Filing taxes as a student Example. Filing taxes as a student Margaret owed $1,000 to Henry. Filing taxes as a student Henry and Margaret agreed that Margaret would provide Henry with services (instead of money) in full satisfaction of the debt. Filing taxes as a student Margaret does not have canceled debt. Filing taxes as a student Instead, she has income from services. Filing taxes as a student A debt includes any indebtedness: For which you are liable, or Subject to which you hold property. Filing taxes as a student Debt for which you are personally liable is recourse debt. Filing taxes as a student All other debt is nonrecourse debt. Filing taxes as a student If you are not personally liable for the debt, you do not have ordinary income from the cancellation of debt unless you retain the collateral and either: The lender offers a discount for the early payment of the debt, or The lender agrees to a loan modification that results in the reduction of the principal balance of the debt. Filing taxes as a student See Discounts and loan modifications , later. Filing taxes as a student However, upon the disposition of the property securing a nonrecourse debt, the amount realized includes the entire unpaid amount of the debt, not just the FMV of the property. Filing taxes as a student As a result, you may realize a gain or loss if the outstanding debt immediately before the disposition is more or less than your adjusted basis in the property. Filing taxes as a student For more details on figuring your gain or loss, see chapter 2 of this publication or see Publication 544. Filing taxes as a student There are several exceptions and exclusions that may result in part or all of a canceled debt being nontaxable. Filing taxes as a student See Exceptions and Exclusions, later. Filing taxes as a student You must report any taxable canceled debt as ordinary income on: Form 1040 or Form 1040NR, line 21, if the debt is a nonbusiness debt; Schedule C (Form 1040), line 6 (or Schedule C-EZ (Form 1040), line 1), if the debt is related to a nonfarm sole proprietorship; Schedule E (Form 1040), line 3, if the debt is related to nonfarm rental of real property; Form 4835, line 6, if the debt is related to a farm rental activity for which you use Form 4835 to report farm rental income based on crops or livestock produced by a tenant; or Schedule F (Form 1040), line 8, if the debt is farm debt and you are a farmer. Filing taxes as a student Form 1099-C If you receive a Form 1099-C, that means an applicable entity has reported an identifiable event to the IRS regarding a debt you owe. Filing taxes as a student The identifiable event may be an actual cancellation of the debt or it may be an event the applicable entity is required, solely for purposes of reporting to the IRS, to treat as a cancellation of debt. Filing taxes as a student For information on the reasons an applicable entity files Form 1099-C, see Identifiable event codes, later. Filing taxes as a student Unless you meet one of the exceptions or exclusions discussed later, this canceled debt is ordinary income and must be reported on the appropriate form discussed above. Filing taxes as a student An applicable entity includes: A federal government agency, A financial institution, A credit union, and Any organization a significant trade or business of which is lending money. Filing taxes as a student Identifiable event codes. Filing taxes as a student    Box 6 of Form 1099-C should indicate the reason the creditor filed this form. Filing taxes as a student The codes shown in box 6 are explained below. Filing taxes as a student Also see the chart after the explanation for a quick reference guide for the codes used in Box 6. Filing taxes as a student Note. Filing taxes as a student Codes A through G and I identify specific occurrences resulting from an actual discharge of indebtedness. Filing taxes as a student However, Code H, Expiration of nonpayment testing period, does not necessarily identify an actual discharge of indebtedness. Filing taxes as a student Code A — Bankruptcy. Filing taxes as a student Code A is used to identify cancellation of debt as a result of a title 11 bankruptcy case. Filing taxes as a student See Bankruptcy , later. Filing taxes as a student Code B — Other judicial debt relief. Filing taxes as a student Code B is used to identify cancellation of debt as a result of a receivership, foreclosure, or similar federal or state court proceeding other than bankruptcy. Filing taxes as a student Code C — Statute of limitations or expiration of deficiency period. Filing taxes as a student Code C is used to identify cancellation of debt either when the statute of limitations for collecting the debt expires or when the statutory period for filing a claim or beginning a deficiency judgment proceeding expires. Filing taxes as a student In the case of the expiration of a statute of limitations, an identifiable event occurs only if and when your affirmative defense of the statute of limitations is upheld in a final judgment or decision in a judicial proceeding, and the period for appealing the judgment or decision has expired. Filing taxes as a student Code D — Foreclosure election. Filing taxes as a student Code D is used to identify cancellation of debt when the creditor elects foreclosure remedies that statutorily end or bar the creditor's right to pursue collection of the debt. Filing taxes as a student This event applies to a mortgage lender or holder who is barred from pursuing debt collection after a power of sale in the mortgage or deed of trust is exercised. Filing taxes as a student Code E — Debt relief from probate or similar proceeding. Filing taxes as a student Code E is used to identify cancellation of debt as a result of a probate court or similar legal proceeding. Filing taxes as a student Code F — By agreement. Filing taxes as a student Code F is used to identify cancellation of debt as a result of an agreement between the creditor and the debtor to cancel the debt at less than full consideration. Filing taxes as a student Code G — Decision or policy to discontinue collection. Filing taxes as a student Code G is used to identify cancellation of debt as a result of a decision or a defined policy of the creditor to discontinue collection activity and cancel the debt. Filing taxes as a student For purposes of this identifiable event, a defined policy includes both a written policy and the creditor's established business practice. Filing taxes as a student Code H — Expiration of nonpayment testing period. Filing taxes as a student Code H is used to indicate that the creditor has not received a payment on the debt during a testing period ending on December 31, 2013. Filing taxes as a student The testing period is a 36-month period increased by the number of months the creditor was prevented from engaging in collection activity by a stay in bankruptcy or similar bar under state or local law. Filing taxes as a student This identifiable event applies only for a creditor that is a financial institution or credit union (and certain of their subsidiaries), the Federal Deposit Insurance Corporation (FDIC), Resolution Trust Corporation (RTC), National Credit Union Administration (NCUA), and other Federal executive agencies. Filing taxes as a student Expiration of the nonpayment testing period does not necessarily result from an actual discharge of indebtedness. Filing taxes as a student Code I — Other actual discharge before identifiable event. Filing taxes as a student Code I is used to identify an actual cancellation of debt that occurs before any of the identifiable events described in codes A through H. Filing taxes as a student Form 1099-C Reference Guide for Box 6 Identifiable Event Codes A Bankruptcy B Other judicial debt relief C Statute of limitations or expiration of deficiency period D Foreclosure election E Debt relief from probate or similar proceeding F By agreement G Decision or policy to discontinue collection H Expiration of nonpayment testing period I Other actual discharge before identifiable event Even if you did not receive a Form 1099-C, you must report canceled debt as gross income on your tax return unless one of the exceptions or exclusions described later applies. Filing taxes as a student Amount of canceled debt. Filing taxes as a student    The amount in box 2 of Form 1099-C may represent some or all of the debt that has been canceled or treated as canceled. Filing taxes as a student The amount in box 2 will include principal and may include interest and other nonprincipal amounts (such as fees or penalties). Filing taxes as a student Unless you meet one of the exceptions or exclusions discussed later, the amount of the debt that has been canceled is ordinary income and must be reported on the appropriate form as discussed earlier. Filing taxes as a student Interest included in canceled debt. Filing taxes as a student    If any interest is included in the amount of canceled debt in box 2, it will be shown in box 3. Filing taxes as a student Whether the interest portion of the canceled debt must be included in your income depends on whether the interest would be deductible if you paid it. Filing taxes as a student See Deductible Debt under Exceptions, later. Filing taxes as a student Persons who each receive a Form 1099-C showing the full amount of debt. Filing taxes as a student    If you and another person were jointly and severally liable for a canceled debt, each of you may get a Form 1099-C showing the entire amount of the canceled debt. Filing taxes as a student However, you may not have to report that entire amount as income. Filing taxes as a student The amount, if any, you must report depends on all the facts and circumstances, including: State law, The amount of debt proceeds each person received, How much of any interest deduction from the debt was claimed by each person, How much of the basis of any co-owned property bought with the debt proceeds was allocated to each co-owner, and Whether the canceled debt qualifies for any of the exceptions or exclusions described in this publication. Filing taxes as a student See Example 3 under Insolvency, later. Filing taxes as a student Discounts and loan modifications If a lender discounts (reduces) the principal balance of a loan because you pay it off early, or agrees to a loan modification (a “workout”) that includes a reduction in the principal balance of a loan, the amount of the discount or the amount of principal reduction is canceled debt. Filing taxes as a student However, if the debt is nonrecourse and you did not retain the collateral, you do not have cancellation of the debt income. Filing taxes as a student The amount of the canceled debt must be included in income unless one of the exceptions or exclusions described later applies. Filing taxes as a student For more details, see Exceptions and Exclusions, later. Filing taxes as a student Sales or other dispositions (such as foreclosures and repossessions) Recourse debt. Filing taxes as a student   If you owned property that was subject to a recourse debt in excess of the FMV of the property, the lender's foreclosure or repossession of the property is treated as a sale or disposition of the property by you and may result in your realization of gain or loss. Filing taxes as a student The gain or loss on the disposition of the property is measured by the difference between the FMV of the property at the time of the disposition and your adjusted basis (usually your cost) in the property. Filing taxes as a student The character of the gain or loss (such as ordinary or capital) is determined by the character of the property. Filing taxes as a student If the lender forgives all or part of the amount of the debt in excess of the FMV of the property, the cancellation of the excess debt may result in ordinary income. Filing taxes as a student The ordinary income from the cancellation of debt (the excess of the canceled debt over the FMV of the property) must be included in your gross income reported on your tax return unless one of the exceptions or exclusions described later applies. Filing taxes as a student For more details, see Exceptions and Exclusions, later. Filing taxes as a student Nonrecourse debt. Filing taxes as a student   If you owned property that was subject to a nonrecourse debt in excess of the FMV of the property, the lender's foreclosure on the property does not result in ordinary income from the cancellation of debt. Filing taxes as a student The entire amount of the nonrecourse debt is treated as an amount realized on the disposition of the property. Filing taxes as a student The gain or loss on the disposition of the property is measured by the difference between the total amount realized (the entire amount of the nonrecourse debt plus the amount of cash and the FMV of any property received) and your adjusted basis in the property. Filing taxes as a student The character of the gain or loss is determined by the character of the property. Filing taxes as a student More information. Filing taxes as a student    See Publications 523, 544, and 551, and chapter 2 of this publication for more details. Filing taxes as a student Abandonments Recourse debt. Filing taxes as a student   If you abandon property that secures a debt for which you are personally liable (recourse debt) and the debt is canceled, you will realize ordinary income equal to the canceled debt. Filing taxes as a student You must report this income on your tax return unless one of the exceptions or exclusions described later applies. Filing taxes as a student For more details, see Exceptions and Exclusions, later. Filing taxes as a student This income is separate from any amount realized from the abandonment of the property. Filing taxes as a student For more details, see chapter 3. Filing taxes as a student Nonrecourse debt. Filing taxes as a student   If you abandon property that secures a debt for which you are not personally liable (nonrecourse debt), you may realize gain or loss but will not have cancellation of indebtedness income. Filing taxes as a student Stockholder debt If you are a stockholder in a corporation and the corporation cancels or forgives your debt to it, the canceled debt is a constructive distribution. Filing taxes as a student For more information, see Publication 542, Corporations. Filing taxes as a student Prev  Up  Next   Home   More Online Publications