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Go to the following link for instructions to amend a tax return that you filed with TurboTax.
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
An amended return (Form 1040X) cannot be e-filed. You have to print it, sign it, and file it by mail. It takes the IRS up to 16 weeks to process an amended return.
Don't file the amended return until your first return has been accepted and you have received the original refund.
However, TurboTax does not support Form 982 for insolvency. The screen where you enter Form 1099-C says the following.
"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 applies to you, we recommend you have a tax pro review your situation."
If you are using the CD/Download TurboTax 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.
In TurboTax Online there is no way to complete Form 982 for insolvency.
Go to the following link for instructions to amend a tax return that you filed with TurboTax.
https://ttlc.intuit.com/questions/1894381-how-to-amend-change-or-correct-a-return-you-already-filed
An amended return (Form 1040X) cannot be e-filed. You have to print it, sign it, and file it by mail. It takes the IRS up to 16 weeks to process an amended return.
Don't file the amended return until your first return has been accepted and you have received the original refund.
However, TurboTax does not support Form 982 for insolvency. The screen where you enter Form 1099-C says the following.
"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 applies to you, we recommend you have a tax pro review your situation."
If you are using the CD/Download TurboTax 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.
In TurboTax Online there is no way to complete Form 982 for insolvency.
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