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PAYROLL OFFICE LETTER U. S. Office of Personnel Management Number: P-96-06 Subject: Date: November 5, 1996, Elections of Retirement Coverage by Employees of Nonappropriated Fund Instrumentalities
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The 668 wc form is a form used by the Internal Revenue Service (IRS) to report information about cancelled debts that exceed $600.
Lenders or financial institutions who forgive debts of $600 or more are required to file the 668 wc form with the IRS.
To fill out the 668 wc form, the lender or financial institution must provide their information along with the borrower's information, the amount of debt cancelled, and the reason for cancellation.
The purpose of the 668 wc form is to report cancelled debts to the IRS, as these cancelled debts may be considered taxable income for the borrower.
The 668 wc form requires the reporting of the lender's information, including their name, address, and taxpayer identification number (TIN), as well as the borrower's information, the amount of debt cancelled, and the reason for cancellation.
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