1099-C

[Leatho]

Hello,

Do you need to enter a 1099-C in TurboTax if it due to chapter 11 bankruptcy on a farm?  Based on what I can find the discharged amount does not count as income anyway.  I cannot find where to enter the 1099-C with code A as it seems that TurboTax does not allow you to enter 1099-C information. 

[DaveF1006]

Here is how to enter your 1099C and then exclude the income if you have a  Chapter 11 bankruptcy.

To enter the 1099C in your Turbo Tax Self-Employed Online:

1. Open up your Turbo Tax return
2. Type in 1099-C in the search bar with the magnifying glass
3. Select jump to 1099-C 
4. follow the steps to report the 1099-C,  When done, this will be taxable income
5. Now go to income.
6. Now to less common income. If you don't see that listed below the income, the is an ADD INCOME button with a plus sign.  Select that.
7. Now select miscellaneous income then start
8. Scroll all the way to the bottom of the form and select other reportable income
9. continue past the next screen
10. In the description field, type in 1099-C income discharged in Chapter 11 Bankruptcy.  Then record the amount of the 1099-C with a minus sign in front of the amount. Here are a couple of screenshots on how to enter and what it looks like once it is done.