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Get your taxes done using TurboTax
If you can't get the issuer of the 1099-C to correct it, you should paper file and attach a note and explanation to your return.
The IRS will probably not read it unless they decide to question your return.
You should report the 1099-C on your return, and then report an identical amount under 'Other Income' as a negative number.
To enter 'other Income' in TurboTax:
- Go to Income & Expenses
- Select Miscellaneous Income
- Then Edit Other reportable income
- Enter the amount as a negative number to offset the cancelled debt income you reported.
- The negative number will appear on line 8 of Schedule 1
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March 8, 2020
1:52 PM