IRS form 982 is supported in TurboTax versions Deluxe and above.
Enter '982' in the magnifying glass in the upper right hand corner of the screen. Click on 'jump to 982'.
Form 982 (Reduction of Tax Attributes Due to Discharge of Indebtedness) reports the amount of cancelled debt to be excluded from taxable income. TurboTax will automatically generate Form 982 if your cancelled debt is due to:
- Cancellation of qualified principal residence indebtedness, aka mortgage debt relief;
- Debt cancelled in a Title 11 bankruptcy;
- Debt cancelled during insolvency (the amount exceeding your assets);
- Cancellation of qualified farm or real property indebtedness.
In addition, you should have a 1099-C to report the amount of cancelled debt.
See also this help.
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