I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

I called the IRS and they said I need refile for 2016 to be able to do this. Is this accurate or do I just need to submit the proper form? She didn't sound very sure of herself.

posted

Connect with an expert

1 Best answer

Accepted Solutions

I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

You will amend the return and add the 1099-C and the form 982 to claim Insolvency.

View solution in original post

1 Reply

I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

You will amend the return and add the 1099-C and the form 982 to claim Insolvency.

Still have questions?

Questions are answered within a few hours on average.

Post a Question

*Must create login to post

Expert does your taxes

Do it yourself

Resources

Support

I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

Unlock tailored help options in your account.

Get more help

Do you have a TurboTax Online account?

I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

Do you have an Intuit account?

I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

I got a letter from the IRS saying I owe $5k+ bc I didn't include debt relief of $16k in 2016 as income. How do I claim solvency being my debt outweighed my assets?

Unlock tailored help options in your account.

Get more help

Related Content