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Get your taxes done using TurboTax
You cannot file form 982, Discharge of Indebteness using the TurboTax Business program, which is what you would need to use to prepare the trust tax return. You can prepare the form for an individual tax return using the download TurboTax program for individuals, but that wouldn't be appropriate in the year the debt was cancelled, since a final return had been filed in 2020.
It may be best to file an extension for the Trust tax return, form 7004, and wait for advice form the professional, especially since so much income is involved.
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March 21, 2022
6:02 PM