To qualify for the insolvency, you must show that all of your liabilities (debts) were more than the Fair Market Value of all of your assets immediately before the cancellation of debt.
To show that you are insolvent and are excluding your canceled debt from income, you must fill out Form 982. Although the form is available in Turbo Tax, it is not available in TurboTax Online. You would have to use a TurboTax Desktop product and fill out the form manually in FORMS mode. There are no interview questions for this situation.
You can Efile with Form 982; however, save the Form 982 Worksheet and your Form 1099-C's for documentation (don't enter them in TurboTax) if the worksheet shows you qualify for Insolvency), along with any other related documentation.
Here's more info on Debt Cancellation and Taxes.
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