Need assistance completing form 982 for indebtedness

Forum|Forum|7 years ago
June 4, 2019
1 reply
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Need assistance on filling out form 982 - it is not reflecting the reduction in income

TurboTax Home & Biz Windows

LKCRD5

Level 2

Hello -

To enter information received on a 1099 C go to:

Federal Taxes TAB

Select Wages and Income

Select "Jump to a full list"

Scroll down to "Less common income"

Select Start next to "Miscellaneous Income, 1099-A, 1099-C"

Follow the prompts to enter all your information

amoreno878

Level 2

I have done that already I'm in form 982

I already entered 1099C

in Form 982 Part 1 (1b) marked X

line 2- 2,366.

line 3 - yes

Part 11

There is an attachment added

Now I don't know what to do

Carl

Level 11

I would suggest you seek professional help at this point. In my (limited) experience with this, if you don't know what to do it's usually because you have a bankruptcy or foreclosure. So the legal representative that handled the bankruptcy or foreclosure is *THE* best person to help you fill this out correctly. This is more a legal matter really, than it is a tax matter. Doing things wrong can be costly and make the cost of professional help seem like a pittance in comparison.

On top of that, the fact that you posted in the Business & Farm section indicates to me this is not a "simple" personal debt such as credit card or a foreclosure on your personal primary residence. So that's the major reason we don't get legal advice here. Only tax advice. So at this point my tax advice is that you get professional help. This is doubly important if you state also taxes personal income.