turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Sireal
Returning Member

Can't file a form 982 with my 1099-C

I received a 1099-C after I filed my returns. My returns were accepted so I am trying to file an amendment using the web based version if that matters. I can start the amendment and add my 1099-C but nowhere does it ask about or let me add a form 982 to claim insolvency. All it does is lead me to the end where I pay for TurboTax and submit. What am I missing?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
rjs
Level 15
Level 15

Can't file a form 982 with my 1099-C

TurboTax does not support Form 982 for insolvency. The screen where you enter Form 1099-C says the following.


"Important info about your canceled debt...
In some situations, canceled debt can be excluded from taxable income. These situations might include bankruptcy or insolvency. If you think one of these exclusions apply to you, we recommend you have a tax pro review your situation."


In TurboTax Online there is no way to complete Form 982 for insolvency.


In the TurboTax Desktop software, you can complete Form 982 and the Statement of Insolvency in forms mode, but there is essentially no help or guidance. You have to know what you're doing. That's why consulting a tax professional is recommended.

 

Sireal
Returning Member

Can't file a form 982 with my 1099-C

So I guess I'll have to send those to the IRS via snailmail. It would have been nice if the support agent that called would have told me that to begin with. Thanks Champ!

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question